Invest Atlanta demonstrates financial reporting excellence
Tuesday, March 15, 2016
Invest Atlanta has received another clean audit bill of health for each of the 18 units for which Invest Atlanta has a reporting responsibility.
It’s extremely rare, if not unique, for an organization to receive that many clean audit reports, with no findings or significant issues. Findings traditionally indicate breakdowns in internal controls or reporting irregularities and inaccuracies.
Invest Atlanta is responsible for reporting the finances of Invest Atlanta, the Downtown Development Authority, the Urban Residential Financial Authority, Atlanta Housing Opportunity, Inc., Atlanta Emerging Markets, Inc., the Atlanta BeltLine, Princeton Lakes, Eastside, and Perry Bolton TADs (Tax Allocation Districts), the Atlanta Development Authority/Clark Atlanta University partnership, and GP URFA Sexton LP.
The financial responsiblities of Invest Atlanta are immense, and include the accurate accounting for and presentation of more than 18,000 transactions across 45 entities. This covers well known transactions such as the issuance and proper accounting for more than $200 million in bonds for the Atlanta Falcons new Mercedes- Benz Stadium. Moreover, the Finance division works collaboratively with five independent entities and three different audit firms to ensure the timely and accurate reporting of its results.
The Finance Division has done all of this flawlessly, met continuing bondholder update requirements for FY 2015, and delivered a clean audit opinion for two consecutive years, even though it has sustained a two-thirds reduction in staff (currently at four members), since the FY 2013 audit.
As if that weren’t enough, Invest Atlanta operated in a fiscally responsible state for the whole of FY 2015, since it never draw on its line of credit during that time.Tweet