CCRPC reports preliminary FY25 year‑end close and auditor letter identifying standard audit risks

Boris Cohen, CCRPC business director, presented preliminary fiscal-year‑end numbers for FY25 and said staff expect the year to close near break‑even after accounting adjustments. Cohen described the results as preliminary because three outstanding grants/contracts were still being closed with external consultants.

Cohen said cash is split roughly between operating and reserve accounts and summarized a later, more specific ledger snapshot: about $350,000 in checking, a similar amount in a reserve account, accounts payable of about $328,000 and accounts receivable of about $406,000, leaving an operational net position on that day of roughly $78,000 in working capital. He told the board the preliminary net income for FY25 was “just over $2,000” on total revenues and expenses of about $8.4 million.

Why it matters: staff said the agency’s budget is designed to break even and that mid‑year adjustments, an updated indirect rate and staff billing performance improved results after a period of tighter cash in December. Cohen cautioned that grant timing and a possible second revenue drawdown could change small amounts when final entries are posted.

Cohen also shared a letter from the auditor describing standard audit reporting language and a commonly cited risk area: potential management override of internal controls. He and staff characterized the audit item as routine — auditors typically include one or more standard risk points each year — and said they will continue to provide the formal year‑end audit report to the board when it is complete.

No formal fiscal action was taken at the meeting. Board members asked clarifying questions about line items such as the landlord security deposit and requested that future year‑to‑year comparisons be added to reports for context.