The Forensic Audit, which was performed at the end of 2010, was discussed at the 9/17/11
Board of Directors meeting, and it was the wish of the Board of Directors to make information
regarding the Forensic Audit and its’ cost available to the membership on this website.

The totals are as follows;

 1. $ 640.00 Attendance at the 12/18/2010 Board Meeting to discuss progress and review draft of the Forensic Audit.
 2. $ 10,412.50 Man hours from work performed from 10/4/2010 – 10/28/2010 as it related to the Forensic Audit, including reviews of payroll, pay stubs, credit card statements and receipts, cash receipts, postings to accounts, and work to the report. Auditing team consisted of four people.
 3. $ 6,947.50 Man hours from work performed from 11/1/2010 – 11/23/2010 as it related to the Forensic Audit, including reviews of payroll, pay stubs, credit card statements and receipts, cash receipts, postings to accounts, and work to the report. Auditing team consisted of four people.
 4. $ 3,481.25 Man hours from work performed on 9/21/2010 – 9/30/2010 as it related to the Forensic Audit, including the review of all bank statements of all accounts from 2008, 2009, 2010. Auditing team consisted of three people.

TOTAL COST OF FORENSIC AUDIT: $ 21,481.25

 The Forensic Audit did indicate that there had been some questionable and / or sloppy record keeping occurring. In most cases, this amounted to missing receipts or invoices. Those issues have been resolved, and our more recent audits reflect the changes that have been made.

No investigation of theft or litigation occurred as a result of the Forensic Audit, and the Association’s finances did not and do not appear compromised