Troy Industrial Development Authority
Regular MeetingTroy, NY · March 20, 2020
Minutes
March 20, 2020
10:00 AM
Audit and Finance Committee Meeting
This meeting was held via GoToMeeting
Present: Steve Strichman, Rich Nolan, Susan Farrell, Tina Urzan, Anasha Cummings and
Stephanie Fitch
Absent: Elbert Watson and Hon. Jim Gulli.
Also in attendance: Justin Miller Esq., Mary Ellen Flores, Chris Stephens, Deanna Dal Pos and
Denee Zeigler.
The audit and finance committee meeting was called to order at 10:20 a.m. Mr. Strichman noted
that this meeting is being held via conference call and online due to the Governor’s Executive
Order No. 202.1.
I. Minutes
The board reviewed the Audit & Finance Committee meeting minutes from January
17, 2020.
Chris Nolan made a motion to approve the January 17, 2020 minutes.
Susan Farrell seconded the motion, motion carried.
II. Audit Presentation
Chris Stephens of Wojeski & Co., CPAs presented the audited financial statements to
the board members. He noted there are two reports; Report to the Board and
Financial Statements and supplementary information.
Mr. Stephens explained that the report to the board is a required communication that
summarizes the results of the audit. Mr. Stephens explained that no new accounting
policies were adopted and none were changed during the year. No transactions were
entered into that lacked authority’s guidance and all transactions were recorded in the
proper period. He noted that estimates are included within the fianancial statement,
not all amounts can be tied to a specific invoice. One of the significant estimates is
listed under land held for redale or development. Mr. Stephens noted that it is based
on an option price through a third party appraisal. Mr. Stephens advised that there
were no difficulties encountered during the audit and there was only one item that
required an adjustment. It was minor and has been corrected. Mr. Steophens
advised management will be required to sign a management representation letter that
states all information has been complete and truthful. He advises there was not
outside accounting consultations. Mr. Stephen advised that a management
discussion and analysis letter is not included in the financial statements and does not
affect our opinions.
1
The financial statements were presented to the board and explained this document is
the independent audit which has been conducted and noted that this board received
an unmodified or clean opinion. He added it is the highest assurance you can receive
for an audit. Mr. Stephens noted there is supplementary material included with the
audit to explain any notes. He advised that the statement of net positions is located
on page three of the report. Page four contains the statement of revenues and
expenses which explains all of the operating expenses. Located at the end of this
page is the statement of net position. Page five shows the cash flow of the board
throughout the year. Mr. Stephens advised pages six through nine represent the
accounting practices of the board that have not changed from previous years. The
remainder of the report consists of notes on their audit. Page twelve indicates our
boards compliance of internal controls. He advised that we do not issue an opinion
on the internal controls, but do conduct testing of our internal controls. Mr. Stephens
advised that there were not issues found with the internal controls and not items
found to be non-compliant. He advised page fourteen shows the breakdown of
conduit debt that the IDA has issued; no issues. Mr. Stephens noted that they do
review items in the PARIS report and also found no issues.
The board thanked Mr. Stephens for the audit presentation.
III. Adjournment
With no additional business to discuss, the audit and finance committee meeting was
adjourned at 10:40 a.m.
Rich Nolan made a motion to adjourn the IDA Audit & Finance Committee
meeting at 10:40.
Tina Urzan seconded the motion, motion carried.
2
Agenda
Vice Chair Board Members
Paul Carroll Tina Urzan
Susan Farrell
Executive Director Elbert Watson
Steven Strichman Hon. Anasha Cummings
Hon. Jim Gulli
Stephanie Fitch
Rich Nolan Jr.
AUDIT & FINANCE COMMITTEE MEETING
March 20, 2020
10:00 a.m.
Planning Department Conference Room
AGENDA
I. Approval of January 17, 2020 Minutes.
II. Audit Presentation – Chris from Wojeski & Co., CPAs
III. Adjournment
City Hall – 433 River Street, Suite 5001, Troy, New York 12180
Phone: 518.279.7166
January 17, 2020
10:26 AM
Audit and Finance Committee Meeting
Present: Paul Carroll, Steve Strichman, Rich Nolan, Elbert Watson, Susan Farrell, Tina Urzan
and Hon. Jim Gulli.
Absent: Stephanie Fitch and Hon. Anasha Cummings
Also in attendance: Justin Miller Esq., Mary Ellen Flores, Scott Townsend, Justin Nadeau,
Dylan Turek, Chris Stephens, Deanna Dal Pos and Denee Zeigler.
D
The audit and finance committee meeting was called to order at 10:26 a.m. The meeting was
held as a committee of the whole made up of the Troy IDA and Troy CRC Audit and Finance
Committees.
I. Minutes
R
Mr. Strichman noted that we will defer the approval of September 20, 2019 minutes
until the next meeting when we will have a majority of the members present and able
to vote.
T
AF
II. Preliminary Audit Presentation
Chris Stephens of Wojeski & Co., CPAs spoke to the board members about the
expectations and scope of services for the upcoming audit. He advised they will be
performing the financial statement audit of the IDA and CRC, assist management with
draft financial statements, assist management with the preparation of PARIS report
being submitted to NYS. Mr. Stephens explained they do a test by sampling; they do
not look at every transaction. He advised the do a risk assessment to identify which
areas have the greatest risk. Mr. Stephens advised they will form an opinion on the
financial statements; whether they have been fairly presented. He added that they
also consider the internal controls of the organization as a basis for designing their
audit procedures, but do not do an audit of the internal controls and we don’t express
an opinion on those. If they become aware of any issues, they will be communicated
to the board. Mr. Stephens noted that management is responsible for the financial
statements, design and implementation of internal controls, compliance and accuracy.
Mr. Nolan asked who management would be in this case. Mr. Stephens advised it
would be Steve and the board members. Mr. Stephens noted that we have completed
the planning portion of the audit. He added that misstatements or omissions to the
financial statements are listed in different categories and labeled depending on how
they would affect the board. Mr. Stephen advised if anyone has issues related to
fraud or board activities that seem questionable and doesn’t feel comfortable bringing
them up here, they can contact us at Wojeski directly. The financial statements do
include estimates and some cannot be tied directly back to a financial transaction.
Mr. Stephen noted that there about four GASBY changes that may affect this board in
1
the upcoming years. Mr. Nolan asked about the timeline. Mr. Stephens noted that the
audit will be completed and reviewed in time for the submission of the PARIS report,
which is due March 31st. Mr. Nolan asked if they will be providing the same services
next year. Mr. Strichman advised they are on the third year of the agreement and we
will have to go out to bid for the next three years.
III. Adjournment
With no additional business to discuss, the audit and finance committee meeting was
adjourned at 10:40 a.m.
Tina Urzan made a motion to adjourn the combined IDA and CRC audit and
finance committee meeting at 10:40.
Rich Nolan seconded the motion, motion carried.
D
R
T
AF
2
Get email alerts for Troy
A daily email when new agendas and minutes are posted.