County of Chautauqua Industrial Development Agency (CCIDA)
AUDIT COMMITTEE
200 Harrison Street, Jamestown, NY
March 20, 2017
10:00 a.m.
CCIDA Staff Present:
Kevin Sanvidge, Adm. Director/CEO – via phone
Richard Dixon, CFO
Sue Casel, Adm. Assistant
Committee Members Present:
Mike Metzger
Hans Auer
Kelly Farrell DuBois
Also Present:
Dave DiTanna, BWB
Justin Isaman, BWB
Meeting was called to order at 10:02 a.m.
Mike Metzger
I would like a motion to accept the February 9, 2017 minutes.
Hans Auer
So moved.
Kelly Farrell DuBois
Second
Mike Metzger
Ayes all around. Minutes are passed
DISCUSSION
Dave DiTanna noted there were no significant changes. The Independent Auditors Report received a clean unqualified opinion. He reviewed the draft audit in detail. Noted the disclosures included in the document. Pages 3-8 (Management Discussion Analysis) give a good overview of the Audit. Dave discussed the reduction in Net Assets due to timing of Pilot payments this year.
Dave discussed the increase in Revenue for the CCIDA because of a grant from Chautauqua County and Fees from large projects. CREDC had an increase in both Revenue and Expense because of the LECOM Health Challenge. Dave also discussed the various notes to the financial statements and noted we do have a wide variety of projects in any one year.
Dave reviewed the supplementary information in the Audit report. He discussed the fact that the LECOM Health Challenge had very detailed reporting.
Dave reported that there were no Findings or Questioned costs as well.
Justin Isaman
Reviewed the Management Letter with the following suggestions:
- Add loan collateral position to the Loan Review spreadsheet.
- Monthly review of cash disbursement journal by Treasurer.
Justin reviewed with the committee the three additional notes from last year and how we had complied with all of the suggestions.
Justin also reviewed the auditor’s responsibility and planned scope and timing of the audit.
Audit Presentation – March 28th at Board Meeting.
Meeting adjourned – 10:40 am
