The procedure for recording and transmit-ting “box” contributions by the Head of Meeting to the Treasurer continues to be satisfactory considering the current level of contributions. It provides adequate documentation and does not impose an undue burden on either the Head of Meeting or the Treasurer.
The Treasurer’s book balances match those appearing on the statements of OBA Federal S&L and Smith Barney, the two accounts maintained for operational and investment purposes. The 21 large (over $1000) transactions were reviewed in detail. The original invoice, the recording of the check, compliance with the budget for the item, and the proper filing of the invoice were all verified. These checks constituted 71% of the Meeting’s total annual expenses. A random selection of other transactions was also examined in detail. The Treasurer has continued the practice of getting a second signature on checks over $1000.
Income for the fiscal year July 2007 through June 2008 was 110% of budgeted income. Expenses amounted to 102.4% of budgeted expenses, resulting in a surplus of $6,963. This compares with the surplus of $12,939 in the previous fiscal year. This year’s situation was similar to that of last year and of 7/03 – 6/04. The total income for each of the last six years has been in the ($88,000, $99,700) range which is remarkably consistent. The total expenses for each of the six years has been in the ($83,400, $92,700) range, which is even more consistent.
The software program QuickBooks continues to be used. In addition to the electronic records maintained, the Treasurer also maintains paper records of bank balances and transactions including copies of checks written. The Treasurer continually backs up transactions on CD-ROMs. The Treasurer keeps a copy of the back-up CD-ROM at Bethesda Meeting in addition to one at her home. The process established for reimbursement of member expenses provides expeditious payment with proper charges to the appropriate committees. Quick Book automatically generates the data used for providing acknowledgments for member or other contributions. In addition to acknowledging the contributions, these acknowledgments provide the donors with documentation for income tax purposes.
As of June 30, 2008 the Meeting had $124,000 in assets which were invested as follows: 40% in a Smith Barney Money Market Fund, 8% in Smith Barney Certificates of Deposits, 22% in an OBA Federal checking account, and 30% in the Friends Fiduciary Corporation’s Consolidated Fund. The amounts listed on the Treasurer’s balance sheet match the amounts on the statements for these organizations.
The Meeting has a blanket Fire (for personal property) and Liability insurance obtained under the auspices of the Baltimore Yearly Meeting which appears quite adequate, with replacement value coverage and a cap of $3 million. The liability insurance covers various categories with different amounts, e.g., counseling coverage is one of the categories. The BYM arranges favorable terms for insurance by member meetings. The annual premium of $737 has been paid.
The record of the inventory of Meeting property is maintained by the Treasurer as an attendant document to the insurance policy. An inventory of the books displayed on the book table is being maintained, too. Forms1096 and 1099 were appropriately filed. No evidence of any outstanding or potential liabilities was found.
The paperwork supporting the handling of cash at Spring Fling was examined.
The auditors recommend that the Stewardship & Finance committee update the inventory of the Meeting’s property as it was last updated in 2005. We also recommend that the committee formulate and implement a policy dealing with storage of the Meeting’s older financial records. The policy should address the issues of what should be kept, how long should it be kept, who should keep it, and where.
The auditors express their thanks to Alex Bell for her four years of service as Treasurer of Bethesda Friends Meeting. She is exceptionally well organized. The Treasurer performs an extremely important, time-consuming service to the Meeting and the Meeting should acknowledge the service with much appreciation.
The auditors express their willingness to assist in the transition to the new Treasurer and to be a resource to the Treasurer during the year if needed.
