Salt Lake Telegram | 1932-04-13 | Page 15 | Auditor Criticises Handling of Funds

AUDITOR CRITICISES HANDLING OF FUNDS Criticism of or certain methods employed employed em em- by the state insurance department department department depart depart- ment in keeping its accounts is contained contained con con- tamed in the audit report of the department de de- de for 1931 released Wednesday Wednesday Wednes Wednes- day by Ivor Ajax state auditor According to the audit compiled by George F. F Webb deputy deput state au auditor auditor au- au I aU-I checks received r in payment I of fees premium taxes and other items have be been n held by the insurance ance arice department for periods varying from 10 to 30 days das before being taken to the bank or turned over to the state treasurer This has resulted in ina a loss of interest amounting to according to the report Mr eMr Webb also stated that the department de de- de- de lost about in uncollected uncollected uncollected fees in 1931 and that apparently apparently no effort was made to collect them after once requesting remitting persons to make up the balance due duel in erroneous remittances The report disclosed that five numbered numbered numbered num num- I receipts of the department were destroyed and warned against such sucha a practice Receipts for the year were listed at 86 of which 76 was received from premium taxes Other sources of income were agents' agents licenses li licenses li- li censes 1 miscellaneous fees and interest 1010 J. J G. G state insurance commissioner said that checks are arc archeld held by the department because he feels his depository depositor bond of is not sufficient to protect his office during the peak of collection and he had considered it advisable to retain them until near the end of the month when remittances are arc made to the state treasurer