Issue: The Authority did not report $1,240,580 in revenue from a federal grant for 2023.
Impact: This oversight affects financial accuracy and compliance with reporting requirements.
Follow-up: Review and adjust financial statements to include the missed revenue and ensure future compliance.
Finding Text
The Authority failed to recognize revenue related to its federal grant in the amount of $1,240,580 for the year ended December 31, 2023
Corrective Action Plan
The Authority Manager did not disclose the grant receivable as it was not yet received at the end of 2023 and should have been booked as an accrual and not a cash basis receipt. The Manager will ensure that going forward items are booked based on the accrual and not the cash basis.