SPEDA receives 'clean' audit
Dec. 6—The Somerset-Pulaski County Economic Development Authority (SPEDA) got good news Monday in the form of a "clean" audit report.
Madgel Miller from Cloyd & Associates PSC gave the report at the organization's monthly meeting, telling board members that their financial statements "present fairly in all material respects the financial position of the Somerset-Pulaski County Economic Development Authority."
"That's the highest level of opinion you can get," Miller said, later adding, "Overall, this was a very good audit. ... the books are very clean. You have an amazing staff to work with."
She noted that the records from this past fiscal year — which runs from July 1, 2021 to June 30, 2022 — reflected SPEDA's forgiven PPP (Paycheck Protection Program) loan, an aspect of the COVID-era PPP that does not require the "loan" to be paid back if all funds were used for eligible acts such as funding payroll costs or making payments on rent or utilities.
Miller also told SPEDA board members that the organization's net assets are still "very strong" despite being around $200,000 less than last year.
"As of the end of the year, they [net assets] were $6.8 million," she said. The reason they were down was because of "timing" of accounting practices, meaning a grant from the Pulaski County Fiscal Court for $400,000 has been approved but not yet awarded. That meant it was categorized as an "unearned grant."
That grant is for the commerce park project and will be reflected as "earned" once the project is completed.
As both Miller and SPEDA President/CEO Chris Girdler pointed out, as a nonprofit organization SPEDA is under no obligation to conduct an audit.
The board's treasurer, Somerset CPA Seth Atwell, commended both the board's dedication to being transparent in its financial records and the staff — Girdler and Executive Assistant Jessica Carlton — for doing well in their positions.
"Jessica does an amazing job in the record keeping that she does. She'll call me if she has questions," Atwell said. "Any time there's been any questions, like on an invoice, she's always got the information behind that. ... I commend Jessica and Chris for what they do here and the openness that they have."
Also on Monday, SPEDA held its annual meeting and election of officers, deciding to keep the officers they have in place.
That means Brook Ping will continue as chairman, Michelle Allen as vice chair, and Atwell as treasurer.
Monday's meeting also was the first for the board's newest member, County Judge-Executive-elect Marshall Todd. He is taking over for the outgoing board member, Steve Kelley.
Carla Slavey can be reached at cslavey@somerset-kentucky.com
