Financial Oversight Committee – 2nd Quarter 2007 Report

Attendees:  Charles Henderson, Al Peterson, Tony Young, TJ Dubach, Cathy Harding, Chuck McDowell, Debby Conner, Kevin Lundy

Excused: Claudia Nabos

The Financial Oversight Committee (FOC) met on Tuesday, August 28, 2007 to review the 2nd Quarter Statements for the Kearns Community Council (KCC). 

The FOC reviewed and APPROVED the financial statements and transactions that occurred in the 2^nd Quarter of 2007. 

There were recommendations made by the FOC to the KCC Treasurer as well as the KCC from the 1^st Quarter Audit that the Treasurer and KCC completed.  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.  DONE

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

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

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

• 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.  PROCESS IN PLACE

The following 1^st Quarter recommendations have been addressed by the Treasurer as well s the KCC and are a work in process, they include

• 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.

• 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

2^nd Quarter Recommendations

· Check on cost of Storage Unit and confirm the use is an in-kind donation as well as identify whether a climitized storage is available to store temperature/climate sensitive items in the unit.

· Inventory all assets acquired by the KCC, i.e. Account for and record Serial/Model numbers on all Laptops, Sound System, Digital Camera, Parade Banners, etc owned by the KCC.

· Obtain signed webmaster contract as soon as possible and add to financial records and agreement file.

· Check on the status of current and future year(s) contract with the Valley Journal for the Quarterly Newsletter.

· Make sure expenditures (funds requests, check requests) are accounted for and approved by the KCC as well as record such action in the minutes, which should be posted on the KCC website.

· Confirm outgoing Treasurer (TJ Dubach) is not an officer on the Kearns Community Councils Articles of Incorporation.  If he is, TJ Dubach must send a letter of resignation to the Division of Corporations and Commercial Code since he has also resigned from the KCC.

· Post By-Laws on the KCC Website.

That said, the FOC applauds and encourages the efforts of the Officers and Members of the KCC to implement financial controls that make its dealing on behalf of the residents of Kearns “transparent” and in order.