State law permits volunteer fire relief associations with assets and liabilities of less than $500,000 to submit certified, rather than audited, financial statements to the OSA. The certification must be signed by a certified public accountant or auditor in accordance with agreed-upon procedures and forms prescribed by the OSA. The certified public accountant or auditor must have at least five years of public accounting, auditing, or similar experience, and must not be an active, inactive, or retired member of the relief association or the fire or police department.
The certified financial statements must be countersigned by the municipal clerk or clerk-treasurer, presented to the city council, and kept on file in the relief association’s office for public inspection. The financial reporting form, which serves as the relief association’s detailed financial statements, must also be submitted to the OSA with a copy of the accountant’s report on applying the agreed-upon procedures.
The relevant statute is Minn. Stat. § 69.051.
Date this Avoiding Pitfall was most recently published: 2/26/2016