The mission of the Finance and Accounting Department is to protect the fiduciary interests of the Town of Cohasset by providing independent, timely oversight of the Town's finances and by ensuring that financial transactions are executed legally, efficiently, and effectively.
The Finance and Accounting Department provides the controllership and audit functions for the Town of Cohasset and its departments. It coordinates the financial activities of the Board of Assessors and the Treasurer/collector's offices. Accounting assures that financial transactions are undertaken in accordance with federal, state, and local law, regulation, contract, and policy as well as adherence to generally acceptable accounting principles (GAAP). The Department serves as a barrier to potential fraud or misuse of Cohasset's resources.
The Finance and Accounting Department is responsible for maintaining and administering a financial account and management information system that provides accurate, complete, and timely information pertaining to all financial activities of Cohasset's town departments, boards, and commissions. Accounting provides financial information to a wide variety of stakeholders including the Board of Selectmen, Town Manager, Town departments, federal, state, and other levels of government along with the citizens of Cohasset.
The Accounting Department processes payment of all Town invoices and prepares the warrant, and distributes IRS 1099 forms to vendors. Other major responsibilities of the department include:
- Assisting the School Department in preparing their end of the year report
- Certifying availability of all appropriations
- Closing the financial books at the end of the fiscal year
- Coordination of the external audit
- Maintaining balance sheets for all funds and free cash certification
- Overseeing and processing all transfers of Town funds from one budget to another
- Preparing and submitting necessary reports to the State Department of Revenue
- Preparing the Town's annual financial statements
- Quarterly cash reconciliation
- Reconciling cash and account receivables to the books of the Treasurer/Collector