Troy Capital Resource Corporation
Regular MeetingTroy, NY · January 18, 2019
Minutes
January 18, 2019
10:32 AM
Audit and Finance Committee Meeting
Present: Heidi Knoblauch, Hon. Mark McGrath, Steve Strichman, Susan Farrell, Paul Carroll, Bill
Strang, Tina Urzan, Elbert Watson and Hon. Anasha Cummings
Absent:
Also in attendance: Justin Miller, Esq., MaryEllen Flores, Deanna Dal Pos, Luke Nathan,
Sharon Martin, Chris Stephens, Matthew Sekellick, Ken Crowe and Denee Zeigler.
The audit and finance committee meeting was called to order at 10:32 a.m.
I. Preliminary Audit Meeting
Chris Stephens of Wojeski & Co. spoke to the board members about the upcoming
audit process, scope of work and the deliverables. He advised the deliverables
consist of auditing the financial statements for the year ending December 31, 2018,
assist with the preparation of the financial statements and prepare the IRS form 990
and CHAR 500. Mr. Stephens explained that we will provide a reasonable opinion on
you financial statements, we do not check every transaction; we do a risk
assessment. He advised we will consider the internal controls, but will not issue an
opinion on the internal controls. Mr. Stephens advised that if anything comes up that
is a weakness for deficiency; we will report that in our findings. He added that any
other matters that come up or we need assistance; we will reach out to you. Mr.
Stephens explained materiality and other terminology that may come up during the
audit. He asked if the audit & finance committee had any questions or concerns. Mr.
Strichman asked about the review of internal controls. Mr. Miller advised that we do
this on a monthly basis when we review our financials and annually with the
confidential board member evaluations. Mr. Bissember asked about the tolerable
misstatement. Mr. Stephens advised that we put a quantitative figure on what we
consider the level of materiality to be. He explained that we want to account for
misstatements we are aware of and the ones we are unaware of. If it goes over this
amount, we modify our opinion. The board asked if that amount is set on anything
specific. Mr. Stephens advised that we did not set that amount yet. Mr. Ross asked
about the staff. Mr. Stephens noted that there will be other staff working on the audit
in the background, but the main staff is listed in the packet he handed out. Mr. Miller
noted the timeframe and advised we have to have it adopted by March 31st. The
board had a general discussion on the meeting timeframe. Mr. Stephens spoke about
changes to GASBY and debt disclosures; noting that this board looks good. He
advised that kick off meeting is today with the audit commencing on February 11th.
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Thomas O’Donnell will be the lead auditor. Ms. Knoblauch asked that we amend the
presentation to include a meeting during the first week of March.
Steven Strichman made a motion to approve the auditor’s presentation with
the amendment.
Paul Carroll seconded the motion, motion carried.
II. Adjournment
With no additional business to discuss, the audit and finance committee meeting was
adjourned at 10:42 a.m.
Hon. Mark McGrath made a motion to adjourn the audit and finance
committee meeting.
Susan Farrell seconded the motion, motion carried.
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Agenda
Chair Board Members
Vacant Heidi Knoblauch
Paul Carroll
Vice‐Chair Louis Anthony
Vacant Tina Urzan
AUDIT & FINANCE COMMITTEE MEETING Susan Farrell
Executive Director January 18, 2019
Steven Strichman Elbert Watson
10:00 a.m.
Hon. Anasha Cummings
Planning Department Conference Room Hon. Mark McGrath
Bill Strang
City Hall
AGENDA
I. Minutes – April 20, 2018 and October 19, 20018
II. Preliminary Audit Presentation FY 2018 ‐ Wojeski & Co.
III. Adjournment
City Hall – 433 River Street, Suite 5001, Troy, New York 12180
Phone: 518.279.7166
October 19, 2018
10:30 AM
Audit and Finance Committee Meeting
Minutes
Present: Kevin O’Bryan, Hon. Mark McGrath, Steve Strichman, Paul Carroll, Lou Anthony, Brian
Carroll, Tina Urzan, Susan Farrell, Hon. Anasha Cummings and Bill Strang
Absent:
Also in attendance: Justin Miller, Esq., MaryEllen Flores, Deanna Dal Pos, Heidi Knoblauch,
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Sharon Martin, Bill Flannigan, Luke Nathan, John Hodorowski and Denee Zeigler.
The Chairman called the audit and finance committee meeting to order at 10:32 a.m.
I. Budget
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Mr. Strichman went over the budget of the CRC with the committee members. He noted
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that we did include potential grant requests from The Enchanted City and the NIP grant.
Mr. Strichman explained that there are no other details to discuss for the budget.
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Hon. Mark McGrath made a motion to approve the draft 2019 budget
and moved to present to the full board for adoption.
Brian Carroll seconded the motion, motion carried.
I. Adjournment
With no other items to discuss, the audit and finance committee portion of the meeting
was adjourned at 10:34 a.m.
Lou Anthony made a motion to adjourn the CRC Audit and Finance
Committee meeting.
Bill Strang seconded the motion, motion carried.
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April 20, 2018
10:00 AM
Audit and Finance Committee Meeting
Minutes
Present: Kevin O’Bryan, Steve Strichman, Lou Anthony, Paul Carroll, Brian Carroll and Hon.
Mark McGrath
Absent: Tina Urzan, Susan Farrell and Hon. Anasha Cummings
Also in attendance: Justin Miller, Esq., Bill Strang, Chris Stephens, Matt Lindemann, Mary
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Ellen Flores, Deanna DalPos and Denee Zeigler.
The Chairman called the audit and finance committee meeting to order at 10:00 a.m.
I.
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2017 Audit Presentation by Wojeski & Co.
Mr. Lindemann introduced himself and Chris Stephens to the board and advised that they
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represent Wojeski & Co. in East Greenbush. He explained that they have two
deliverables as a result of our audit of the CRC. The first one is entitled, The Report to
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the Board. Mr. Lindemann advised that this is a required communication between the
auditors and the committee. He noted that there were no difficulties in performing the
audit and no adjustments were needed. Mr. Lindemann also added that there were no
disagreements with management and no other findings or issues. The second report is
the financial statements. Mr. Lindemann explained that pages 1-3 of the report are on
Wojeski letterhead and in essence belong to them; it is our report of the CRC’s financial
statements. Mr. Lindemann noted that management is responsible for fair presentation
of the financial statements and it is our job to audit those financial statements and
express an opinion on them. He advised that the opinion is on page 2; an unmodified
opinion. Mr. Stephens discussed the balance sheet on page 4. He advised not much to
discuss on this balance sheet because most of it is in cash. Mr. Stephens noted that
there was a prepaid expense of $75,000 that was refunded back to the CRC in the
current year. He advised that page 5 shows the operating activity for the current year;
project fees of $1,500 and expenses of $33,000. This brings the loss to about $32,000
for the current year. Mr. Stephens advised page 6 shows positive cash flow activities of
about $43,000; mainly due to the refund of the grant for professional services. He
advised pages 7-8 show no big changes compared to the prior year. Mr. Stephens noted
that page 9 shows the transactions; there is one related to the sharing of the fee for
grants management software. Mr. Stephens advised that pages 10-11 is the report on
internal controls; nothing negative to report. He advised that the conduit debt shows on
the last pages. The chairman asked if there were any questions from the board.
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Lou Anthony made a motion to approve the draft 2017 audit as
presented by Wojeski & Co. and recommend it to be presented to
the full board of the CRC for approval.
Brian Carroll seconded the motion, motion carried.
I. Adjournment
With no other items to discuss, the audit and finance committee portion of the meeting
was adjourned at 10:15 a.m.
Brian Carroll made a motion to adjourn the CRC Audit and Finance
Committee meeting.
Lou Anthony seconded the motion, motion carried.
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