Mostert, Manzanero & Scott, LLP, presented a summary of the audit process undertaken, the scope of their engagement and audit results to the Genesee Gateway Local Development Corporation (GGLDC) Board at the March 24 meeting.
The GGLDC Board engaged the certified public accounting firm to perform an independent audit of 2015 financial statements. The independent audit was designed to issue an opinion on the financial statements of the GGLDC for the year ending Dec. 31; a management letter to the Board of Directors management; and, a report about internal control over financial reporting in accordance with Government Auditing Standards.
Included in the management letter is a statement from Mostert, Manzanero & Scott, LLP, affirming that no material deficiencies in internal controls were identified during the audit. The firm also affirmed that, in their opinion, the audited financial statements present fairly, in all material respects, the financial position of the GGLDC as of Dec. 31, in accordance with generally accepted accounting principles.
“I am pleased with the continued positive audit results, and it speaks to the professionalism and transparency of the organization,” said Thomas Felton, president and chairman of the GGLDC.
In 2015, the GGLDC, including Genesee Agri-Business, LLC (GABLLC) activity, received $1.2 million in grant revenues.
These grants included a NYS Homes and Community Renewal grant that supported infrastructure development at the Genesee Valley Agri-Business Park (GVAB) and the LeRoy/ Bergen America’s Best Communities grant, as well as an Empire State Development grant to support the development and marketing of the Science and Technology Advanced Manufacturing Park (STAMP).
The GGLDC also recognized grant revenue from National Grid, which supported Buffalo East Technology Park (BTEP) infrastructure, an annual Community Benefit Agreement payment with CNL Income (Darien Lake) to support infrastructure in Western Genesee County, and an annual PILOT Increment Financing payment from Genesee County that supports a bond payment for infrastructure at the GVAB Park.
Currently, there is $6.9 million of land held for sale and development under the agencies control including 57 acres at the Gateway II Corporate Park, 67 acres at the BETP, 250 acres at the GVAB Park, 34 acres at Med Tech Park, and the Upstate MedTech Centre Building including an Innovation Zone for entrepreneurial businesses.