ࡱ> >@= @  bjbj &  $ 2        uwwwwww$(Rz N  NN  Nv  uNuV@  j| : a0xR!R!R!  N> J     Fiscal 2008 Audit Report for OVLR - Summary Dated: January 22, 2009 As auditor of the 2008 books, I can report that all accounts and transactions are in good order. The Treasurer has performed superbly this year and should be once again commended for his accuracy in records and ability to maintain full traceability. Exemplary methods have been followed not only in tracking completed transactions but also pending transactions and merchandise inventory. The auditor confirms a net positive cash flow for the club of $2429.64 and a final asset balance of $10,839.45. Once again it is recommended that the FY08 executive undertake to review the asset value of the trailer and equipment. This can be a self assessment if the executive so decides; however this action is well overdue. It is further recommended that the executive confirm the value of inventory on hand. In FY03 $200 worth of merchandise assets was unaccounted for. At the time it was expected that it was legitimately used but no records existed. It is viewed by the executive that this amount would be fruitless to trace and of little benefit to pursue given it was likely legitimate. This amount will no longer appear in the audits. The FY09 treasurer should endeavor to keep separate ledger entries for the merchandising transactions. This is to facilitate the tracking of costs and revenue as it relates to the ledger vs inventory. Details of the audit are available from the executive or the auditor upon request. Signed, Christian Szpilfogel Auditor 2008 for OVLR Summary of accounts: Opening Balances: Chequing: $1821.30 Opening Balance Investment: $6279.70 Assets: $ 809.38 Receivables: $0.00 Payables: $(500.37) Total: $8410.01 Closing Balance: Chequing $5121.44 Investment: $4202.88 Assets: $2581.27 Receivables: $665.00 Payables: $(1731.14) Total: $10839.45 Net cash flow: $2429.44 Known Receivables: Identified in the Treasurers balance sheet. Known Payables: All Payables are outstanding cheques not yet cashed. Assets on hand (supplied): Equipment $ 809.38 (carried over from FY07 still accurate?) Inventory $1771.89 (based on inventory actual cost) - In FY03 we exited with $200 of inventory; in FY04 expects it is $0 but never confirmed. At this point the executive has agreed to clear this recurring exception as unresolvable. It is however believed those assets were used appropriately. Unresolved Issues and Actions: A cheque was written to Dixon on behalf of Spencer and the cheque was subsequently returned. Do we still have a liability owed to Spencer An audit of the club assets has yet to be conducted. A self assessment will be sufficient but needs to be done as it has been over 6 years since any assessment has been done. FY09 should keep merchandise transaction separate in the Details journal of the books. This will allow for a clear trail of monies related to merchandising. One lost cheque exists (#252 for $125). Exec will decide whether a STOP is required but will expire 6 months after issuance (May 25th).  $+,-4;<DFM\  ? @ B p s  ǿǟǗǿǟwl`hKEh5CJaJhhCJaJhKECJaJhCJaJh{~CJaJhoCJaJhs*CJaJh.>*CJaJhBQ>*CJaJh:>*CJaJ#,-EFA B = > j k   #gd gdDgds J M h  j k   #$˿ם}}u}umemmaVNh CJaJh 5>*CJaJh hDCJaJhoCJaJh4HCJaJh}zCJaJhBQCJaJhCJaJh{~CJaJhi55B*CJaJphhi5CJaJhKEhBQ5CJaJhKEh 5CJaJhKEh=o5CJaJh=oCJaJh5B*CJaJphhBQ5CJaJh.35CJaJ#$%7\s 6L^_wxgd fgd / ^/ `gd$%AC 2ACGHJKLTUZ[]^nosvwɻɻɔɆzqzeh.3B*CJaJphh.35CJaJhBQhBQ5CJaJh5B*CJaJphh 5B*CJaJphhw >*CJaJh CJaJhCJaJh f5B*CJaJph hkEUh f5B*CJaJphh f5CJaJh f>*CJaJhKECJaJh fCJaJh &$&2FZmn  Ž豦h}zh}zCJH*aJh}zCJaJh.3CJaJh.3h.3CJaJh.3h.CJaJh fhKECJaJhw CJaJhCJaJhDhBQB*CJaJphh fB*CJaJphh fCJaJhDh fB*CJaJph$Z7  & Fgd.3gd f^gdw ^gd f`gd f / =!"#$%8@8 Normal_HmH sH tH L@L Heading 1$@&^`CJaJP@P Heading 2$@&^56CJ\]aJDAD Default Paragraph FontViV  Table Normal :V 44 la (k@(No List XC@X Body Text Indent ^56CJ\]aJXR@X Body Text Indent 2v^v`CJaJXS@X Body Text Indent 3^`CJaJ &,-EFAB=>jk   #$%7\s 6L^_wxZ 7 000000x000000 00x0000000000000x0000x@0@0 @0@0 0x@0000000@00@0@00@0@00@00@00 0 0@000( 0 0 0 0 $  #    !N֚gO֚hP֚$hQ֚dgR֚$gS֚fT֚fU֚dfV֚$fW֚eX֚eY֚deZ֚$e[֚d\֚d]֚dd^֚$d_֚c`֚ca֚dcb֚$cc֚bd֚be֚dbf֚$bg֚ah֚ai֚daj֚`k֚$al֚`m֚$in֚di4L &*9;Lo>FW<       DM '+:<Mp?GX=   8*urn:schemas-microsoft-com:office:smarttagsCity9*urn:schemas-microsoft-com:office:smarttagsplace>!*urn:schemas-microsoft-com:office:smarttags PersonName8*urn:schemas-microsoft-com:office:smarttagsdate 1200922DayMonthYear!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!su7?A M ~#, 333-F7\6LxO 7    c 2Jdn~0y^`o() ^`hH. pLp^p`LhH. @ @ ^@ `hH. ^`hH. L^`LhH. ^`hH. ^`hH. PLP^P`LhH.h^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hH dn~                            -,Yjo fw c).3i<"=DKEn2FH&H4HJ9LBQkEUs