Issued Date
May 21, 2021
Audit Objective
Determine whether the Tompkins County Development Corporation (TCDC) Board of Directors (Board) properly oversaw operations.
Key Findings
- The Board generally oversaw operations but was unaware that its policy covered the calculation of the administrative fee. As a result, an administrative fee of $88,815 was collected even though only $1,000 should have been collected in accordance with the current Board-approved policy.
Key Recommendations
- Periodically review and update policies and procedures.
- Ensure that administrative fees collected are based on the Board-approved policy or deviations have been approved.
Corporation officials generally agreed with our recommendations and indicated they planned to initiate corrective action.