0001752724-24-152903.txt : 20240709 0001752724-24-152903.hdr.sgml : 20240709 20240709160212 ACCESSION NUMBER: 0001752724-24-152903 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240430 FILED AS OF DATE: 20240709 DATE AS OF CHANGE: 20240709 EFFECTIVENESS DATE: 20240709 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORUM FUNDS CENTRAL INDEX KEY: 0000315774 ORGANIZATION NAME: IRS NUMBER: 010516963 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-03023 FILM NUMBER: 241107480 BUSINESS ADDRESS: STREET 1: THREE CANAL PLAZA CITY: PORTLAND STATE: ME ZIP: 04101 BUSINESS PHONE: 2073472000 MAIL ADDRESS: STREET 1: FORUM FUNDS STREET 2: THREE CANAL PLAZA CITY: PORTLAND STATE: ME ZIP: 04101 FORMER COMPANY: FORMER CONFORMED NAME: FORUM FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FAHNESTOCK DAILY INCOME FUND INC DATE OF NAME CHANGE: 19870617 FORMER COMPANY: FORMER CONFORMED NAME: DAILY INCOME EXTENSION FUND INC DATE OF NAME CHANGE: 19810607 0000315774 S000040732 Monongahela All Cap Value Fund C000126338 Monongahela All Cap Value Fund MCMVX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000315774 XXXXXXXX 811-03023 false false N-1A S000040732 true Forum Funds 811-03023 0000315774 549300LXYEU14CHGAO13 THREE CANAL PLAZA, SUITE 600 Portland 04101 US-ME US 207-347-2000 U.S. Bank 1555 N. Rivercenter Dr., Ste 302 Milwaukee 53212 414-276-3737 Records as Custodian for Trust Foreside Fund Services, LLC THREE CANAL PLAZA, SUITE 100 Portland 04101 866-251-6920 Fund and Shareholder Records Monongahela Capital Management 223 Mercer Street Harmony 16037 724-473-4003 Records as Adviser for Fund K&L Gates LLP 1 Lincoln St Boston 02111 617-261-3100 Fund and Shareholder Records Apex Fund Services THREE CANAL PLAZA, SUITE 600 Portland 04101 207-347-2000 Records as Administrator and Transfer Agent for Trust N N N-1A 11 Y Karen Shaw N/A Y Jennifer Brown-Strabley N/A N Mark D. Moyer N/A N David Tucker N/A N Carlyn Edgar N/A THREE CANAL PLAZA, SUITE 600 Portland 04101 XXXXXX N N N N N N N Foreside Fund Services, LLC 008-51293 000046106 N/A N N Cohen & Company 925 894500VWSNITUVG9E667 N N N N N N MONONGAHELA ALL CAP VALUE FUND S000040732 254900KBPPEQ1K1XRY33 N 1 0 0 N/A N N N N N/A 0 0 N/A Y Y Y N Monongahela Capital Management 801-61034 000016197 N/A N Apex Fund Services 84-06277 N/A Y N N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N N US Bank, N.A. H85Z6XZP8b10ES0m2G89 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Apex Fund Services 84-06277 SEC File Number Y N N Apex Fund Services 84-06277 SEC File Number Y N N Foreside Fund Services, LLC 8-51293 000046106 N/A 0.00 RBC CAPITAL MARKETS, LLC 8-45411 000031194 549300LCO2FLSSVFFR64 1064.00000000 1064.00 RBC CAPITAL MARKETS, LLC 8-45411 000031194 549300LCO2FLSSVFFR64 142618.23000000 142618.23 N 28268137 N N N N true INTERNAL CONTROL RPT 2 Cohen_Audit_NCEN_Monongahela.htm COHEN INTERNAL CONTROL REPORT FF - MONONGAHELA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Monongahela All Cap Value Fund and Board of Trustees of Forum Funds

In planning and performing our audit of the financial statements of Forum Funds comprising Monongahela All Cap Value Fund (the “Fund”) as of and for the year ended April 30, 2024, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N‐CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of April 30, 2024.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ COHEN & COMPANY, LTD.
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
June 27, 2024