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Selectboard approves $30,300 audit contract while probing Burnham Foundation accounting
Summary
The Lincoln Selectboard approved a $30,300 FY26 audit contract with Sullivan, Powers & Co. and directed legal follow-up after the FY25 audit received a Qualified Opinion tied to the Walter S. Burnham Foundation Fund.
The Lincoln Selectboard on June 2 approved a $30,300 contract with Sullivan, Powers & Co. for the town’s FY26 independent audit. Town Treasurer Laurie Childers presented the engagement letter and the contracted fee and said state statute directs auditors be engaged by and report to the Selectboard; the motion to approve passed 4-0-1.
Laurie told the board the FY25 audit carried a Qualified Opinion because the auditors believe the Walter S. Burnham Foundation Fund should be included in the town’s financial statements. Laurie also reported that trustee filings for 2024 indicate the trustees retained about $19,300 of the Fund’s net income rather than transferring the full amount to town accounts. The board asked Town Administrator Trish Waugh to request a legal review from Attorney Jim Carroll of the Burnham will excerpt to clarify the town’s responsibilities; the board also scheduled year-end expenditure approvals in early July to close FY25–26 books.
