BATAVIA – An audit of the Genesee County Economic Development Center for 2015 found no material deficiencies in internal controls and determined that the agency is operating in line with standard accounting principles.
The review, performed by Mostert, Manzanero & Scott, LLP, of Oneonta, was presented to the agency’s board of directors this week.
“I am confident that the GCEDC internal control policies are functioning well and that our finance team monitors the finances in accordance with the highest accounting principles,” said Paul J. Battaglia, board chairman. “Lezlie Farrell, the agency’s chief financial officer, is a certified public accountant who does an outstanding job monitoring all of our agency procurement and financial activities.”
The agency finished 2015 with a net operating loss of $166,501, about $84,000 less than it had projected.
Fee revenue from projects in 2015 totaled $367,768. County contributions to the agency remained unchanged year over year at $215,014.