March 2020 – Audit — 3-17-20-Audit-condensed.pdf
================================================

SUBJECT TO BOARD APPROVAL
                          Onondaga County Industrial Development Agency
                                Audit Committee Meeting Minutes
                                        March 17, 2020
An Audit Committee meeting of the Onondaga County Industrial Development Agency was held on
Tuesday, March 17, 2020, at the 333 West Washington Street, Syracuse, New York in the large
conference room on the first floor.
Chairperson Janice Herzog called the meeting to order at 8:02 am with the following:
PRESENT:
 Janice Herzog (via teleconference)
 Susan Stanczyk (via teleconference)
 Patrick Hogan
ALSO PRESENT:
 Robert Petrovich, Interim Executive Director
 Nancy Lowery, Secretary
 Nate Stevens, Treasurer
 Karen Doster, Recording Secretary, Agency
 Fanny Villarreal, OCIDA Board Member
 Mike Lisson, Grossman St Amour PLLC

ALSO PRESENT VIA TELECONFERENCE
 Steve Morgan, Board Member
 Kevin Ryan, Board Member
 Jeff Davis Barclay Damon Law Firm
 Amanda Mirabito, Barclay Damon Law Firm
 Paul Reichel, Bond Schoeneck & King
 Brian Gehrling, Bond Schoeneck & King
 Angela Orlandella, Barclay Damon Law Firm
 Melissa Clark, Abundant Solar Power (SK1)
 Chris Carrick, Abundant Solar Power (SK1)
 Angela Orlandella, Barclay Damon Law Firm
Patrick Hogan read a script on how the meetings will be handled in light of COVID-19.
APPROVAL OF AUDIT COMMITTEE MEETING MINUTES – NOVEMBER 19, 2019
Upon a motion by Susan Stanczyk, seconded by Patrick Hogan, the OCIDA Audit Committee approved
the minutes of the November 19, 2019 meeting. Motion was carried.
                                                                                              1

REVIEW AND DISCUSSION OF THE 2019 AUDIT OF THE AGENCY
Mike Lisson stated the audit went extremely well and no issues or concerns from his standpoint. He stated
it is a clean audit opinion called unmodified. He stated there were no control problems or issues to report
to the Board. He stated the draft financial statements are in the packages along with a presentation which
summarizes everything. He stated slide #9 shows the activities for the past year and you can see the
Agency fees increased to about $1,800,000. He stated $1,000,000 from TC Syracuse Development, Ultra
Dairy is about $301,000, Widewaters is $253,000 and Cryomech for $212,000. He stated the general
administration fees are about $278,000 versus prior years of $1,200,000. He stated there was a little less
spending on the Hiawatha property with the cleanup. He stated money was spent on buying land at White
Pine and is capitalized as $900,000. He stated professional fees paid out was about $200,000 for TC
Development. He stated the investment compliance report was clean. He stated the internal control report
is clean and everything will be submitted to the PAAA and the ABO in the next day or so. He stated the
big picture is the audit went extremely well and the agency is in good financial position.
Upon a motion by Patrick Hogan, seconded by Susan Stanczyk, the OCIDA Audit Committee approved
a resolution recommending to the Board approval of the 2018 Audit of the Agency.

Upon a motion by Patrick Hogan, the OCIDA Audit Committee adjourned the meeting at 8:11 am. Motion
was carried.
                                                 ____________________________________
                                                       Nancy Lowery, Secretary
                                                                                                         2