Greater Wawarsing Local Development Corporation 2010
Operations:
In 2010 the GWLDC continued to work on collections of past due loans taken over by the GWLDC from the old Revolving Loan Fund. Several accounts are still in collections and legal action has been taken by the contracted collections attorney hired for that purpose. Other accounts are now caught up or paid off. One account is in negotiation for possible new terms.
Members of this board have met with several potential borrowers. Some have been assisted to obtain loans from local banks. None have thus far followed through with applications to this board as discussed.
Our board did obtain agreement from the Town of Wawarsing board to now occupy office space at the new building located at the town airport in the same building as the Ulster County Sheriff. Files were moved and organized at that location. Meetings have been held at this location beginning January 2011.
Internal Controls:
During 2010 the GWLDC was audited by the same firm that audited the Town of Wawarsing. This is the first audit of the GWLDC for it’s first year of operation – 2009. Much was learned about improving procedures and verifying check and balances. Dual signatures on all checks is required and always has been as well as board approval of any expenditures. Starting 2011 a non-board member financial officer will be in place from a local accounting firm and all accounting will be on QuickBooks from January 1 2011 forward.
Organizational Structure:
The GWLDC is made up of one chairman and four board members. There are other non-voting advisory members representing positions from within the township. Effective January 1, 2011 a financial officer will be responsible for the accounting and QuickBooks for the organization. One independent contractor was contracted for secretarial work only.
Governance, Audit and Finance:
All research, discussion and decisions are made by the entire board at this time. Assistance with the financial information will as of January 1, 2011 be provided by a non-voting financial officer – CPA.