STW Board Receives Clean Audit
SALAMANCA – Clean audit reports on a federally higher standard made members of the Southern Tier West Regional Planning and Development Board happy Thursday afternoon. A clean audit was declared on all levels.
According to the presentation of Ed Bysiek, of Bysiek CPA, PLLC of Olean, everything is good for the planning board, in terms of finances. The board was presented with figures that showed a decrease in net assets from 2012 to 2013, both years ending June 30. According to the audit, the assets fell by about $80,000, from $1,688,707 to $1,602,319.
Falling assets were offset by a $150,000 decline in liabilities for the board. That amount resulted in a net asset increase of about $65,000, according to Bysiek. That increase, coupled with unexpended grant proceeds to the tune of $116,000, and a decrease of cash in the bank by about $149,000, generated what a for-profit company would call an annual profit of $64,926, but, because it is a non-profit agency, that amount is a surplus in net assets. Overall, it’s a good thing, Bysiek said.
In addition to the sound financial footing, Bysiek said he and his staff went through the controls of the financial apparatus within the board, an additional step of scrutiny has to be undertaken. Southern Tier West takes in federal grant money in excess of $500,000 over the course of the year. That level mandates that they undergo what is known as a single audit. That audit looks deeper at some of those controls and has more stringent guides to meet federal restrictions.
Usually, according to Bill Daly, a member of the board, the more stringent standards bring out one or two minor items that need some work. According to Bysiek, nothing of note was uncovered.
“According to our findings, the board is in good financial shape,” Bysiek said. It is a great audit report.”