Auditor’s Recommendation: We recommend that the Agency’s Board of Director’s document the justification and approval for the exception to the Federal requirement related to stock acquisition.
Agency’s Response: At its March 26th Meeting, the CCIDA Board approved an amendment to the Resolution 9-26-23-01 originally approved on September 26, 2023. The amendment includes new language that justifies the lending of funds for the acquisition of stock, which is an exception to 13 CFR Section 307.17(c)(4). Richard Dixon, CFO of the CCIDA, will oversee the process of documenting justification for similar exceptions effective immediately.