Olympic Regional Development Authority
Internal Controls Over Financial Operations The Olympic Regional Development Authority operates and maintains certain sports facilities in Lake Placid and elsewhere. We examined the adequacy of the Authority’s system of internal controls over financial operations. We identified a number of areas in which the Authority could either improve its system of internal controls or strengthen its adherence to existing policies and procedures. Improvements were particularly needed in the oversight that was provided by the Authority’s Board of Directors. For example, Board meetings were not held as frequently as required and Board members did not adequately address the critical issues confronting the Authority, such as its recurring financial deficits. Improvements were also needed in the areas of revenue collection, cash control, procurement, equipment control, and financial reporting.
For a complete copy of Report 2004-S-78 click here.
For a copy of the 90-day response click here.
For a copy of the associated follow-up report click here.