MONROE - Monroe Main Street is on wait-and-see status while City Treasurer Cathy Maurer reviews the organization's financial records, submitted last week by the Main Street Board of Directors.
Until the financial books are reconciled, the Monroe Main Street Board of Directors is waiting to draft documents to separate the organization from the city and hire an interim director. But board action on the matter could come as early as the next meeting Dec. 13.
Maurer told the board on Oct. 11 that the city has been carrying a $63,000 debit on its financial records for Main Street and asked to see the organization's account books to verify deposits made to its account.
At a meeting Monday, Ryan Wilson, president, and Ron Spielman, vice-president, reported that accounting methods, or timing of account postings, could possibly be one cause for a recently completed city audit to show the city carrying a $62,800 debit from Monroe Main Street since 2007.
Spielman told board members that the city's audit is a "12-month capsule look" at city accounts.
"We found at times when they (the city) reported income at the end of one year, and we didn't report it until the next year," he said.
Wilson said a quick review of the income for Main Street from 2006 through 2008, in records provided by city, is only about $4,000 different than in Main Street's records. He is planning to review each deposit, looking for inconsistencies.
"The reason we are looking at those three years is because that seems to be when the issue came about," Wilson said.
"The city (records) show gross deposits, but not where all the pieces came from," he added.
"Nothing's conclusive," Spielman said. "At least we're sharing the correct information."
Wilson and Spielman expect to meet again with Maurer before the end of the month to compare their findings.
Until the financial books are reconciled, the Monroe Main Street Board of Directors is waiting to draft documents to separate the organization from the city and hire an interim director. But board action on the matter could come as early as the next meeting Dec. 13.
Maurer told the board on Oct. 11 that the city has been carrying a $63,000 debit on its financial records for Main Street and asked to see the organization's account books to verify deposits made to its account.
At a meeting Monday, Ryan Wilson, president, and Ron Spielman, vice-president, reported that accounting methods, or timing of account postings, could possibly be one cause for a recently completed city audit to show the city carrying a $62,800 debit from Monroe Main Street since 2007.
Spielman told board members that the city's audit is a "12-month capsule look" at city accounts.
"We found at times when they (the city) reported income at the end of one year, and we didn't report it until the next year," he said.
Wilson said a quick review of the income for Main Street from 2006 through 2008, in records provided by city, is only about $4,000 different than in Main Street's records. He is planning to review each deposit, looking for inconsistencies.
"The reason we are looking at those three years is because that seems to be when the issue came about," Wilson said.
"The city (records) show gross deposits, but not where all the pieces came from," he added.
"Nothing's conclusive," Spielman said. "At least we're sharing the correct information."
Wilson and Spielman expect to meet again with Maurer before the end of the month to compare their findings.