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The original item was published from 7/8/2019 1:56:26 PM to 7/11/2019 2:39:08 PM.

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Posted on: July 8, 2019

[ARCHIVED] Zelenkofske Axelrod LLC Presents the Radnor Township 2018 Audit Results to BOC

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RADNOR, PA (July 5, 2019) - At the June 10, 2019 Board of Commissioners meeting, the Township’s third-party independent auditors, Zelenkofske Axelrod LLC, presented the 2018 audit results to the Board of Commissioners. After consultation and review by Ed Caine, CPA, CARFAC Member, the Independent Auditors reported that they issued an unqualified “clean” opinion letter and that they did not find any reportable findings during their review of the Township’s business processes and figures.

Under the leadership of Bill White, MBA and Robert V. Tate, CPA, the staggering improvements from Comprehensive Annual Financial Reports (CAFR) dating back to the pre-2010 era (when audit reports carried as many as 34 reportable comments, many of which were material or significant in nature) to the 2018 Radnor Township CAFR are due to the hard work, commitment and diligence of the Radnor Township Department of Finance. The CAFR has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.

“My hope with the Certificate is that all Stakeholders know how seriously the Administration, especially the Finance Department, takes the responsibility of managing the Public's funds. The CAFR is published once a year, but the priority given to accurate, transparent financial management is an everyday effort. I couldn't be prouder of the Finance Department, and all the Township employees who do their part. Thank you for the opportunity to be part of this team,” said White.

All pre-2010 lagging comments have been resolved and the Independent Auditors found nothing new as part of their annual review. Material comments are those that the Independent Auditors deem to pose a high risk for a material loss to the Township. These included lack of accounting policies, lack of internal controls, material audit adjustments to the financial figures, and lack of proper payroll safeguards among others. By 2012, Township Management had resolved all of the material and significant deficiencies and has only carried minor comments in recent years. 

“It’s the collaboration and the team approach that I admire most about our Finance Department staff through which we have been awarded the prestigious ‘Excellence in Financial Reporting’ award by the Government Finance Officers Association (GFOA) for our CAFR,” said Tate. These successes are the direct result of the Township making financial reporting and transparency a priority. The commitment begins with the Board of Commissioners and ripples through all levels of the Township operations. The CAFR is available on the Radnor Township website and has been awarded the GFOA Certificate of Excellence for Financial Reporting program, an award the Township has received each year since 2011.

For further review, please access the full report here: The Radnor Township 2018 CAFR

RADNOR TOWNSHIP DEPARTMENT OF FINANCE: The mission of the Finance Department is to professionally, ethically, and effectively manage the Township's financial resources by identifying, developing, advancing, and implementing fiscal, human resource, and administrative strategies, policies, and practices for the public's benefit.

Visit Radnor Township at: http://www.radnor.com Like us on Facebook: http://Facebook.com/RadnorTownship/ Follow us on Twitter: http://twitter.com/radnortownship Follow us on Instagram: http://instagram.com/radnortownship

For more information, Press Only:

Molly Gallagher
Public Information Officer
Radnor Township
610.688.5200 x 197
mgallagher@radnor.org

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