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Auditors call for review of town trust funds, cite trustee turnover and bank issues
Summary
Auditors said trustees and banks have struggled to manage several small town trust funds and agreed to follow up with trustees, revive reporting templates and consider consolidating or clarifying administration before the external audit.
At the Feb. 16 meeting, Middletown Springs auditors discussed multiple town trust funds (cemetery and other legacy funds) and flagged trustee turnover and bank confusion as continuing problems.
Members said some trustees have not provided timely reports and banks have been inconsistent about handling small government trust funds. The chair noted past efforts to move funds to different banks and said the auditors had previously provided trustees with reporting templates. "We gave all of the fund trustees some templates to use," the chair said, and members agreed the auditors should again assist trustees and consider whether some funds should be administered under town reserves for ease of management.
Auditors discussed specific funds including the Copeland milk fund and the Copeland church fund and said trustees’ reports should be routed to auditors earlier in the cycle so the auditors can check them before the town report is finalized. Members agreed that cleaning up trust-fund reporting and trustee succession would be a priority before the external audit.
