The Town of Gorham is a municipality of the State of New Hampshire, located in Coos County in the Northeastern section of the state approximately 2 hours north of Concord. The Town has a population of 2,700 (estimated). Gorham has a threemember Board of Selectmen form of government with a Traditional Town Meeting. The principal municipal departments, all of which will be subject to this audit, include police, public works, recreation, health and welfare, tax collection, town 3 clerk, trustees of the trust funds, water and sewer, library, and general government administration. Total appropriations for the current year (FY2024) are $9,146,050.00, including the general budget and all warrant articles approved, per the MS232. The accounts of the Town are organized on the basis of funds, each of which is considered a separate fiscal and accounting entity with a self-balancing set of accounts. The following types of funds are used by the Town: 1) General Fund: to account for all financial resources except those required to be accounted for in another fund 2) Special Revenue Funds: to account for the proceeds of specific revenue sources other than expendable trust funds, or for major capital projects, that are legally restricted to expenditures for specified purposes. 3) Trust and Capital Reserve Funds: to account for assets held by a governmental unit in a trustee capacity. 4) Library Funds: to account for the assets held by the Library Trustees. 5) Enterprise Funds: for example, but not limited to, the Water and Sewer Department funds. The Town maintains general ledgers for the General Fund, Special Revenue Funds, Capital Reserve & Trust Funds, and Enterprise funds. The Town presently maintains its financial records on a computer system. AccuFund software is currently utilized for payroll, accounts receivable, accounts payable and general ledgers. AssessPro, CollectPro, and Interware is currently utilized for taxes receivable and other miscellaneous billings. The Town is in the process of switching accounting and assessing software, to BS&A and Summit respectively. The Library Trustees use Microsoft Excel to account for Library Funds. The Trustees of the Trust Funds use a spreadsheet to account for trust funds. B. AUDIT STANDARDS The audit firm shall conduct the audit of the accounts and records of the Town of Gorham in accordance with U.S. generally accepted auditing standards as set forth by the American Institute of Certified Public Accountants, the standard for financial audits set forth in the U.S. Comptroller General’s Government Auditing Standards, the provisions of the Single Audit Act, the provisions of U.S. Office of Management and Budget (OMB) Circular A-133, Audit of States, Local Governments and Non-Profit Organizations.
