Financial Oversight Committee – 1st Quarter 2007 Report

Financial Oversight Committee – 1^st Quarter 2007 Report

Attendees: Charles Henderson, Al Peterson, Tony Young, TJ Dubach, and Cathy Harding

Excused: Claudia Nabos

The Financial Oversight Committee (FOC) met on Thursday, April 19 and again on Thursday, May 17, 2007 to review the 1^st Quarter Statements for the Kearns Community Council.

The FOC reviewed and approved the financial statements and transactions that occurred in the 1^st Quarter of 2007. However, there were several recommendations made by the FOC to the KCC Treasurer as well as the KCC. These include:

Provide copy of financial statements several days or a week before the scheduled FOC meeting, which will allow the FOC to review and approve in a more expeditious manner.

Provide copy of all check request submitted and approved whether the check has cleared or not.

Treasurer should immediately secure and began to use Quicken, Quick Books, etc for the purpose of maintaining and reporting all financial transactions.

Confirm that the Year-end Report to the IRS regarding the non-profit status of the KCC has been filed and/or will be filed.

Arrange for the FOC to inventory the KCC assets in the Storage Unit.

Discontinue the use of more than one checkbook. The only checkbook in use should be held and maintained by the KCC Treasurer.

The FOC recommends that all financial expenditures be discussed in detail before they are voted on. It is also recommended that the vote occur in the next meeting. This will allow members attending as well as those not able to attend the initial budget expenditure discussion to complete any necessary due diligence before committing to any proposed expense.

All future Requests for Funding fielded by the KCC should include a copy of the requestors initiative and must demonstrate they are leveraging other funding resources

That said, it is the sincere desire of the FOC to see more financial controls in place to avoid possible audits from SL County as well as scrutiny from residents of the Kearns Township on how their money was spent.