SUBJECT
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Accept Independent Auditors Report for Fiscal Year 2023 (Action)
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DESCRIPTION
Mike Brynjulfson, Brynjulfson CPA, P.A., will present the Executive Summary of Independent Audit results for Fiscal Year ending September 30, 2023.
The Polk Regional Water Cooperative received an unmodified ("clean") opinion of its financial statements. The financial statements were free of material errors and were presented in accordance with Generally Accepted Accounting Principles (GAAP). The auditors were able to determine that the actions taken by the Board were represented fairly by the financial transactions. In addition to the audit of the financial statements, the auditors are required to perform compliance testing and in connection with those audit procedures two findings were identified associated with the financial statements as follows:
RECOMMENDATION
Criteria: The grant agreement No. LPA0212 between the Polk Regional Water Cooperative (the "Cooperative") and the State of Florida Department of Environmental Protection requires certain language to be included on the deed of any property purchased under the agreement or by recording of a separate declaration of restrictive covenant that shall run with the title to the property.
Condition: The Cooperative purchased land funded by grant agreement No. LPA0212 and the deeds did not contain the required language nor was a separate declaration of restrictive covenant recorded.
Cause: Cooperative Management was not aware of this particular requirement.
Effect: Noncompliance
Recommendation: We recommend management consult with their legal advisors and take whatever actions are deemed necessary to remedy the noncompliance.
Management Response: Management has consulted with Mr. de la Parte to develop a plan to remedy the noncompliance which will be presented to the Cooperative's Board of Directors at the March 20, 2024 meeting for approval.
Finding 2023-02
Criteria: The Cooperative's management is res...
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