Press release:
Mostert, Manzanero & Scott LLP presented a summary of the audit procedures, undertaken in accordance with the scope of their engagement, and the final audit results to the Genesee Gateway Local Development Corporation (GGLDC) Board at its March 28 meeting.
The GGLDC Board engaged Mostert, Manzanero & Scott LLP, a certified public accounting firm, to perform an independent audit of the 2018 financial statements. The independent audit was performed to issue: an opinion on the financial statements of the GGLDC for the year ending Dec. 31, 2018; a management letter to the Board of Directors and management; and, a report about internal controls over financial reporting in accordance with Government Auditing Standards.
Included in the management letter is a statement from Mostert, Manzanero & Scott LLP affirming that no material deficiencies in internal controls were identified during the audit. The firm also affirmed that, in their opinion, the audited financial statements present fairly, in all material respects, the financial position of the GGLDC as of Dec. 31, 2018, in accordance with generally accepted accounting principles.
“I am pleased with the continued positive audit results, and it speaks to the professionalism and transparency of the organization,” said Tom Felton, chairman of the GGLDC. “The GGLDC is actively marketing our industry-specific shovel-ready real estate and continues to see significant interest in our parks.”
Currently, there is $6.7 million of land held for sale and development under the agency's control, including 25 acres at the Buffalo East Technology Park; 130 acres at the Genesee Valley Agri-Business Park; 14 acres at Med Tech Park; and the Upstate MedTech Centre Building, including an Innovation Zone for entrepreneurial business development.
