Rudy18 Posted January 18 Share Posted January 18 (edited) 32 minutes ago, MikeN said: Is it a red flag that they couldn't verify cash accounts? That's ... just getting bank statements, no? Mike It’s a question of whether the bank(s) archived these records, because VMAPA clearly didn’t. If the auditors couldn’t find evidence then it’s probably because the bank(s) don’t have them either. Otherwise, it could be an issue of the numbers in VMAPA’s records not actually matching the bank statements, and if the difference was large enough that could be the reason for the qualified issuance. I don’t know when VMAPA/other corps’ fiscal year typically runs through but if they have truly been committed to fixing the organizational issues over this last year, their 2023 audit should paint a much clearer picture. Edited January 18 by Rudy18 1 Link to comment Share on other sites More sharing options...
Richard Lesher Posted January 18 Author Share Posted January 18 57 minutes ago, cixelsyd said: If this is what it smells like, it could bring down far more than just VMAPA bingo. As I was going through the IRS 990's of other Bingo operations in California I could compare to SCV I found that the Blue Devils and the Aquamaids (local Santa Clara bingo I can compare one on one) were the exception, not the norm. My mission in life right now is egging on SCV in a direction to get fixed. If I wanted to take on Bingo state wide there is plenty to pick from. 1 Link to comment Share on other sites More sharing options...
Rudy18 Posted January 18 Share Posted January 18 8 minutes ago, Jurassic Lancer said: I was in accounting for 15 years. This is the first qualified opinion I have ever seen. And yes, it means SCV’s accounting is really ####ed up. Yes, anything other than unqualified is the exception, not the norm. It is very rare for an organization in the $1mm+/yr revenue range to not have their books together, as anything else is either incompetence or actually cooking the books. I’m still pretty new to the industry (will hopefully be a fully licensed CPA by the end of the year) but I haven’t run into anything but unqualified yet either. 3 Link to comment Share on other sites More sharing options...
Richard Lesher Posted January 18 Author Share Posted January 18 24 minutes ago, MikeN said: Is it a red flag that they couldn't verify cash accounts? That's ... just getting bank statements, no? Mike Yes, absolutely. Most certainly within a reasonable margin of error. The problem is over the course of an audit that at the end of all that time it turned out SCV couldn't make their numbers match between all the revenues and expenses in the accounting system to match what the bank said they had as their balances. This is why when I was the Treasurer that I wanted to see the actual bank statements and printed by the bank (not a photo copy) or at least log onto the internet and log into the account right in front of me. 1 3 Link to comment Share on other sites More sharing options...
scheherazadesghost Posted January 18 Share Posted January 18 16 minutes ago, Richard Lesher said: My mission in life right now is egging on SCV in a direction to get fixed. Wait wait wait hollup. I thought you were an ######## who wanted to destroy our beloved corps. What gives? /sarcasm 1 Link to comment Share on other sites More sharing options...
Jurassic Lancer Posted January 18 Share Posted January 18 OK Unable to verify Bingo Revenue and related Expenses, Fixed assets and related Depreciation, Cash on hand, and Accounts Payable. Did miss I anything? Wow. 3 Link to comment Share on other sites More sharing options...
KVG_DC Posted January 18 Share Posted January 18 2 hours ago, Rudy18 said: I don’t specialize in Government & NFP accounting so there may be a regulation about the specific (mis)use of these types of funds and possible resulting lawsuits, though I can’t say for sure given that we don’t actually know whether the funds were misappropriated or not. Everything could be perfectly fine - just that the accounting manager did a terrible job of maintaining records and evidence - or their stated numbers could be completely off due to fraud or error, there just isn’t evidence to say one way or the other. Thanks for the perspective! Yah i think there's enough ambiguity here to basically say, "Let's keep watching and hope that the 2023 audit and 2024 audit can clear it up." Otherwise, somebody's "cookin with the books" 1 2 Link to comment Share on other sites More sharing options...
Terri Schehr Posted January 18 Share Posted January 18 31 minutes ago, Jurassic Lancer said: OK Unable to verify Bingo Revenue and related Expenses, Fixed assets and related Depreciation, Cash on hand, and Accounts Payable. Did miss I anything? Wow. 1 1 Link to comment Share on other sites More sharing options...
Richard Lesher Posted January 18 Author Share Posted January 18 51 minutes ago, scheherazadesghost said: Wait wait wait hollup. I thought you were an ######## who wanted to destroy our beloved corps. What gives? /sarcasm SCV is merely practice. Maybe I can get laws changed that impact Bingo state wide. 1 Link to comment Share on other sites More sharing options...
IllianaLancerContra Posted January 18 Share Posted January 18 22 minutes ago, Terri Schehr said: And bingo is a cash operation….. 1 Link to comment Share on other sites More sharing options...
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