Comptroller says DC 37 Benefits Fund Trust followed guidelines for honest reporting and documenting of income and expenses.

After a thorough audit, New York City Comptroller Alan G. Hevesi has given the DC 37 Benefits Fund Trust a clean bill of health.

“The audit found that DC 37’s Benefits Fund Trust complied with guidelines for accurately recording, documenting and accounting revenues and expenses,” said the comptroller. “Complying with these guidelines helps the Trust properly account for the money it receives from the City to provide important benefits to DC 37 members,” he concluded.

Mr. Hevesi’s office found that the Benefits Fund Trust generally complied with applicable procedures and financial reporting requirements.

He said the Benefits Fund Trust “accurately documented revenues, expenses, and financial transactions and also agreed to correct some minor problems” that were found in its administrative practices.”

In a letter responding to the audit, DC 37 Administrator Lee Saunders, who chairs the Board of Trustees of the Benefits Fund Trust, stated that he agreed with the audit’s findings and recommendations. He also listed numerous actions that the Trust has taken to correct the problems auditors found.

Saunders: “Fiscal integrity”

“We can be proud that this extensive audit has concluded that DC 37’s benefit money is handled with the fiscal integrity our members deserve,” said Mr. Saunders.

“The Comptroller has affirmed that our funds are well-managed and secure.”

The Trust receives contractually mandated contributions from agencies where DC 37 members work. It distributes the funds to the DC 37 Health and Security Plan and the DC 37 Education Fund, which provide welfare, training, and legal service benefits to union members and their families.

The fiscal review of the Trust completes a series of three audits by the Comptroller’s Office, which earlier examined the Health and Security Plan and the Education Fund.

The audit focused on fiscal year 1997, when the Trust received revenue of about $172 million and covered more than 150,000 union members.

The Comptroller’s auditors found that:

• All revenues were accurately recorded in the Trust’s books and records.
  
  
• Most payroll expenses were adequately supported by complete time records.
  
  
• Expenses were supported by adequate documentation and all purchases were accurately recorded.
  
  
• All checks had the appropriate authorizations.
  
  
• Distributions of revenue to the Education Fund and Health and Security Plan were properly documented and were within the established budgets.

“We are very pleased with the results of the audit and we are addressing the suggestions made by the comptroller,” said Roslyn Yasser, administrator of the Health and Security Fund. “Members should know that their benefits are well-managed and carefully protected.”

Members who would like a copy of the audit report can get one by writing to the DC 37 Benefits Fund Trust, Accounting Dept., ATT: Mel Streisand, 125 Barclay St., New York, NY 10007.