Auditor Minutes

Mar 252020
 

Town of Braintree

Draft Auditors Meeting Minutes  –  March 23, 2020

** Meeting remotely using conference line for the Town of Braintree (802-210-4472) **

 

Attendees:  Tom Cooch, Lin Brown, Jessica Brassard (invited)

 

  1. Mr. Cooch called the meeting to order at 9:05 a.m.

 

  1. No changes were made to the agenda.

 

  1. The minutes of the November 1, 2019 meeting were approved.

 

  1. Elect Officers. Voted: to keep the current officers in place for the coming year. Mr. Cooch as Chair, and Mr. Brown as Secretary.

 

  1. Payroll auditing. As of January 1, 2020 the Town has contracted with Compucount, Inc. of Randolph for payroll services, necessitating a new payroll audit procedure. Mr. Brown reported initial steps in learning about the new payroll system. He will meet with the Town Administrator and Town Clerk-Treasurer for more detailed information, and prepare a new draft payroll audit procedure for review at the next auditors meeting.

 

  1. Review tasks needing completion for FY20

– General Fund: Summaries completed for Q1 & Q2; Mascoma bank reconciliation completed for January.

– Reserve Funds: Summaries completed for Q1 & Q2.

– Grand List (annually): Completed last Fall.

– Accounts Payable: Done through FY20-Q2. Six items were not found in the files.  Awaiting resolution from the Town Administrator.

– General Journal: Complete through FY20-Q2. There was a long list of entries for FY20-Q1 and Q2, which Mr. Cooch reviewed with the Treasurer and Admin. Asst.

– Payroll: Complete through FY20-Q2 using the NEMRC system. Research is underway on preparing a new procedure now that Compucount has been contracted for payroll services (see item 5 above).

– State Payments: Complete through FY20-Q2.  One small discrepancy noted. Awaiting resolution from Clerk-Treasurer

 

Jessica Brassard, Town Clerk-Treasurer, joined us for the remainder of the meeting.

 

  1. Review of Sullivan & Powers Report; re: gravel prepayment.

The external auditors asked about our accounting practice regarding advanced payment (or prepayment) of gravel from Tucker. The Town purchases a portion of its gravel from Tucker in the spring, when they offer a 5% discount, but does not take delivery until summer. The issue with S&P appears that the expenditure is typically in one fiscal year and receipt of the gravel is usually in the next fiscal year. Ms. Brassard will follow-up with S&P for clarification and resolution.

 

  1. Review formatting of the financials in the Town Report.
  2. Reserve Funds: The problem is how best to report Reserve fund balances at the end of the year, when invoices received in June are not paid until July. It is unclear to the auditors why NEMRC uses cash accounting in these cases. The auditors prefer that the accrual method be used and reported as such in the Town Report. After much discussion it was

Voted: The accrual method of accounting be used in the quarterly Reserve Fund summary reports and in the end-of-year Reserve Fund balances in the Town Report.

 

  1. Currency: The issue is how the budget and expenditure numbers should be reported; with or without a dollar sign ($), in whole dollars rather than dollars and cents, and with or without a comma separator for 1,000s. This issue arose because there were inconsistencies in the initial draft of the Town Report. We agreed that we will continue with our current and past format: dollars and cents, with no dollar sign, and a comma separator.

 

  1. Balance Sheet: The two issues are whether to continue to publish the Balance Sheet in the Town Report, and whether it should have more detail. Our consensus was “yes” to the first and “no” to the second.

 

  1. Assign jobs for FY20.

Voted: Auditing assignments for FY20 will remain the same as for FY19.

 

10 Procedure Manuals

  1. General Fund: Mr. Cooch has prepared an entirely new procedure manual, largely driven by changes in the structure of the Town’s accounts at Mascoma Bank. It also notes the propriety of optionally using on-line statement balances, rather than paper statement balances for doing end of month reconciliations.

Voted: To approve the new General Fund Audit Procedure Manual contingent on review and consent from Ms. Barrett and Mr. Brown by 3/27/2020.

 

  1. Reserve Funds: Mr. Cooch has prepared a revised manual reflecting the use of accrual rather than cash accounting for monthly balances (see pages 11 and 12 of the manual)

Voted: To approve the revised Reserve Fund Audit Procedure Manual contingent on review and consent from Ms. Barrett and Mr. Brown by 3/27/2020.

 

  1. Payroll: See item 5 above.

 

  1. State Payments: Tabled to our next meeting

 

  1. Other business. There was none.

 

  1. The meeting was adjourned at 9:56 a.m.

 

Respectfully submitted,

 

Linfield C. Brown

Nov 212019
 

Town of Braintree Draft Auditors Meeting Minutes November 1, 2019 Attendees:  Tom Cooch, Stephanie Barrett, Lin Brown 1. Mr. Cooch called the meeting to order at 9:05 a.m. 2. No changes were made to the agenda. 3. The minutes of the May 25, 2019 meeting were approved. 4. Review tasks needing completion for FY19. – … Read more >>

May 302019
 

Town of Braintree Draft Auditors Meeting Minutes May 28, 2019 Attendees:  Tom Cooch, Stephanie Barrett, Lin Brown 1. Mr. Cooch called the meeting to order at 8:55 a.m. 2. No changes were made to the agenda. 3. The minutes of the March 25, 2019 meeting were approved. 4. Review tasks needing completion for FY19. – … Read more >>

Mar 272019
 

Town of Braintree Draft Auditors Meeting Minutes March 25, 2019   Attendees:  Tom Cooch, Lin Brown   Mr. Cooch called the meeting to order at 8:30 a.m.   No changes were made to the agenda.   The minutes of the October 8, 2018 meeting were approved.   Elect Officers. Mr. Cooch was re-elected Chair and … Read more >>

Oct 112018
 

Town of Braintree Draft Auditors Meeting Minutes October 8, 2018   Attendees:  Tom Cooch, Stephanie Barrett, Lin Brown   Mr. Cooch called the meeting to order at 9:10 a.m.   No changes were made to the agenda.   The minutes of the June 4, 2018 meeting were approved.   Review work completed for FY19. – … Read more >>

Jun 072018
 

Town of Braintree Auditors Meeting Minutes June 4, 2018   Attendees:  Tom Cooch, Lin Brown   Mr. Cooch called the meeting to order at 9:10 a.m.   No changes were made to the agenda.   The minutes of the April 11, 2018 meeting were approved.   Review work completed and remaining for FY18. Status of … Read more >>

Apr 132018
 

Town of Braintree Auditors Meeting Minutes April 11, 2018   Attendees:  Tom Cooch, Stephanie Barrett, Lin Brown   1. Mr. Cooch called the meeting to order at 7:04 p.m.   2. No changes were made to the agenda.   3. Mr. Cooch was elected chair and Mr. Brown was elected secretary for the coming year. … Read more >>

Feb 272018
 

Town of Braintree Auditors Meeting Minutes February 12, 2018   Attendees:  Tom Cooch, Stephanie Barrett, Lin Brown   Mr. Cooch called the meeting to order at 10:00 a.m.   No changes were made to the agenda.   The minutes of the April 3, 2017 meeting were approved.   Review work completed and remaining for FY18 … Read more >>

Mar 312017
 

NOTICE   The Auditors of the Town of Braintree will meet at 4:30 a.m., Monday, April 3, 2017, at the Braintree Town Office       AGENDA   Select chair and secretary for upcoming year Approve minutes from 8/15/16 meeting Review work completed and remaining for FY17 Procedure manuals Approval of Reserve Funds Status of … Read more >>

Aug 262016
 

Town of Braintree Draft Auditors Meeting Minutes August 15, 2016   Attendees:  Tom Cooch, Stephanie Barrett, Lin Brown   Mr. Cooch called the meeting to order at 9:35 a.m.   No changes were made to the agenda.   The minutes of the March 21, 2016 meeting were approved.   Review work completed for FY2016 Cooch: … Read more >>