December 12, 2023 Agenda
- Post by Carol Ellis
- December 8, 2023
___MIKE FITZGERALD, CHAIRMAN
___SUE COLLINS, VICE CHAIRMAN
___JOSEPH GILLIS, SECRETARY
___TODD RULISON, TREASURER
___JOSEPH SEMIONE, MEMBER
___DAVID D’AMORE, MEMBER
___DR. GREG TRUCKENMILLER, MEMBER
___JAMES MRAZ, EXECUTIVE DIRECTOR
___KARA LAIS, FITZGERALD, MORRIS, BAKER, FIRTH PC
___SCOTT HENZE, PLANNING DIRECTOR
___DR. LESLIE FORD, FULTON COUNTY CENTER FOR REGIONAL GROWTH
MADE BY :
MADE BY :
a) On July 13, 2021, the IDA Board approved granting up to $2,251,520 in sales tax exemptions.
b) On August 9, 2022, the IDA Board authorized increasing the total sales tax exemptions available from $2,251,520 to $3,284,534 contingent upon Vireo signing either a standard Lease or an Agent and Equipment Lease.
c) On May 9, 2023, the IDA Board authorized extending from May 31, 2023 to October 31, 2023 the deadline for using sales tax exemptions. This approval was granted contingent upon Vireo signing an Agent and Equipment Lease and paying the balance of the Administrative Fee owed the IDA.
d) On October 10, 2023, the IDA Board extended the deadline to March 31, 2024.
e) To date, Vireo has not executed the Agent and Equipment Lease.
– Market Rate Apartments
– Single-Family Housing
– Prepare a marketing brochure.
– Retain a realtor.
I. Internal Financial Control System:
A. The Fulton County Industrial Development Agency utilizes an internal control system to preserve the assets of the organization.
B. System procedures shall be reviewed annually by the independent auditors who will make recommendations to the Board of Directors for suggested changes.
C. In addition, during the year, changes may be recommended by IDA’s management. However, such changes shall not be implemented until reviewed by independent auditors and approved by the IDA Board.
A. The Chief Financial Officer shall open the daily mail and make copies of the checks received and file same.
B. The Chief Financial Officer shall prepare and make a bank deposit as needed.
C. Upon completion of the deposit, the Chief Financial Officer shall enter the deposit in the appropriate Agency’s records.
D. All bank accounts shall be reconciled monthly.
A. All purchases shall be made according to the IDA’s Procurement Policy. The IDA’s Procurement Policy shall be reviewed annually by the IDA Board.
B. All invoices received shall be reviewed by the Chief Financial Officer and verified for accuracy and completeness. The Chief Financial Officer shall then forward them to the Executive Director for review for completeness and accuracy.
C. All invoices received that do not have prior authorization by the IDA Board shall be submitted to the IDA Board at their next regularly-scheduled meeting to get authorization to pay.
D. All invoices received that IDA Board authorization has been given and once reviewed and approved by both the Chief Financial Officer and Executive Director, the Chief Financial Officer shall transfer the necessary funds and prepare a check for payment.
E. All IDA checks shall have two (2) signatures. One shall be by the Chief Financial Officer. The second shall be by an authorized member of the IDA Board. In the absence of the Chief Financial Officer, the second signature can be by another member of the Audit Committee. The Executive Director shall not be an authorized signer.
F. An authorized signer may not sign his/her check for reimbursement of approved travel, unless signed by a second IDA Board member.
A. Budget Reports shall be prepared regularly by the Chief Financial Officer in a format approved by the Board of Directors.
B. Budget Reports includes the following information:
C. All Budget Reports shall be reviewed by the Executive Director prior to presentation to the IDA Board.
D. All investment of IDA funds shall be in accordance with investment policies. Investment activities shall be reported to the Board monthly. All investment decisions must have the Executive Director’s approval after review for compliance with current investment policies.
A. Quarterly Federal and State Tax Returns shall be signed by the IDA Treasurer or any member of the Audit Committee.
A. The Chief Financial Officer shall provide at each IDA Board of Directors’ meeting a copy of the latest Bank Statement to verify the funds actually in the IDA’s bank account. (Added January 9, 2018.)
A. The Chief Financial Officer shall provide, at each IDA Board of Directors’ meeting, Monthly Bank Account Reconciliation Forms for each IDA bank account that a member of the Audit Committee will review and, if found acceptable, sign.
8. Treasury Bills:
A. The IDA Board shall determine whether to invest funds into Treasury Bills.
B. The CFO shall invest funds into Treasury Bills as directed by the IDA Board.
C. The CFO shall provide monthly reports to the IDA Board regarding the status of all investments in Treasury Bills.
II. IDA’S Internal Controls Assessment Plan:
1. Define the IDA’s Primary Functions:
a. Annually review the mission of the IDA and verify that its primary operating responsibilities, operations and functions that will help fulfill its mission.
b. Annually evaluate the IDA’s written mission statement to ensure that it clearly defines the IDA’s purpose.
c. Define IDA’s objectives and ensure they are understood by IDA staff.
d. Review policies, procedures and guidelines to ensure that they guide IDA staff in the operations of the IDA and provide methods and procedures to assess the effectiveness of those functions.
a. Assess the internal and external risk exposure and associated vulnerability of each function of the IDA and assign a corresponding risk level (i.e. high, medium, or low).
b. If a risk is identified, the IDA Board shall determine how to best handle it by evaluating its significance, likelihood, and cause.
c. Based on the assigned risk levels, the IDA Board shall determine how frequently to review the controls in place for each function.
a. The IDA Board and staff shall annually review and be aware of the policies and practices in place to ensure that the IDA is effective and to address the risks that are relevant to the operation.
a. The assessment of internal controls should be a structured and monitored process to identify and report any weaknesses of the internal control structure to the IDA Board.
b. This process should determine if the existing control structure and procedures are adequate, to then mitigate risk, minimize ineffectiveness and deter opportunities that could lead to the abuse of assets.
c. The assessment should provide the IDA Board with information as to whether the IDA’s policies and operating practices were understood and executed properly, and whether they are adequate to protect the organization from waste, abuse, misconduct, or inefficiency.
d. This assessment shall be completed through a combination of inquiry and observation, a review of documents and records and by replicating transactions to test the sufficiency of the control system.
a. When a weakness is identified, a corrective action plan should be developed, adopted by the IDA Board and then monitored by the IDA Board to ensure that the vulnerability is addressed.
i. matters which will imperil the public safety if disclosed;
ii. any matter which may disclose the identity of a law enforcement agent or informer;
iii. information relating to current or future investigation or prosecution of a criminal offense which would imperil effective law enforcement if disclosed;
iv. discussions regarding proposed, pending or current litigation;
v. collective negotiations pursuant to article fourteen of the civil service law;
vi. the medical, financial, credit or employment history of a particular person or corporation, or matters leading to the appointment, employment, promotion, demotion, discipline, suspension, dismissal or removal of a particular person or corporation;
vii. the preparation, grading or administration of examinations;
viii. the proposed acquisition, sale or lease of real property or the proposed acquisition of securities, or sale or exchange of securities held by such public body, but only when publicity would substantially affect the value thereof.
MOTION: To go into Executive Session to discuss the proposed acquisition, sale or lease of real property or the proposed acquisition of securities, or sale or exchange of securities held by such public body, but only when publicity would substantially affect the value thereof.
MADE BY :
MOTION : To go out of Executive Session.
MADE BY :
January 9, 2024
MADE BY :