GCEDC's books pass independent audit

Press release:

Mostert, Manzanero & Scott, LLP, presented a summary of the audit process undertaken, the scope of their engagement, the findings, and various observations related to GCEDC’s financial position to an open meeting of the Genesse County Economic Development Center Board on March 28th.

The GCEDC Board engaged Mostert, Manzanero, & Scott, LLP, a certified public accounting firm, to perform the audit of 2012 financial statements.  The audit was designed to issue an opinion on the financial statements of the GCEDC for the year ended December 31, 2012; issue a management letter to the Board of Directors and management; and issue a report on internal control over financial reporting in accordance with Government Auditing Standards. 

Included in the management letter is a statement from Mostert, Manzanero, & Scott, LL,P affirming that no material deficiencies in internal controls were identified during their audit. They also affirmed that, in their opinion, the audited financial statements present fairly, in all material respects, the financial position of the GCEDC as of December 31, 2012 in accordance with accounting principles generally accepted in the United States of America.

“We are confident that the GCEDC internal control policies are functioning correctly and that our finance team monitors the GCEDC finances within the highest accounting principles,” said Shelley Stein, member of the GCEDC Finance Committee. “After reviewing the fiscal standing of the agency and the full audit results, I recommend approval of the 2012 audit and related material.”

The financial statements of the GCEDC are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash transaction takes place. For example, expenditures are recorded in the period that services are provided, even though corresponding payment for those services may not be made until a later date.

The GCEDC finished 2012 with $590,659 in net operating income. Total operating revenue was up 87 percent over 2011, which was mostly attributable to several noteworthy projects that closed in 2012, including Muller Quaker Dairy, LLC, Perry Vet and Lassister Properties/University Eye.

GCEDC’s year-end net non-operating income, which consists mostly of grant activity, totaled $508,892, up from $4,358 in 2011. Included here is the recognition of grant income from Empire State Development that supports a land purchase at the WNY Science, Technology and Advanced Manufacturing Park (STAMP) site. The corresponding expenditure has been capitalized as land held for development and resale on the GCEDC’s balance sheet.