Southern Tier development agency gets favorable audit report - The Buffalo News

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Southern Tier development agency gets favorable audit report

SALAMANCA – Members of the Southern Tier West Regional Planning and Development Board heard good news on their most recent audit Thursday afternoon. It was a clean audit on all levels.

According to the presentation of Ed Bysiek, of Bysiek CPA, PLLC of Olean, everything looks 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 $1.68 million to $1.60 million.

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 nonprofit agency, that amount is a surplus in net assets. Overall, it’s a good thing, Bysiek said.

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