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Auditors issue qualified opinion; board accepts draft audit with caveat
Summary
Independent auditors told the HCDPA board that the draft audit for the year ended Dec. 31, 2024 carries a qualified opinion because of an unresolved deferred inflow and a material loss contingency; the board voted to accept the draft with permission to make minor tweaks before final filing.
Independent auditors presented a draft financial audit to the Hudson Community Development and Public Agency (HCDPA) board on April 25 and said the audit opinion remains qualified because of an unresolved deferred inflow of resources and a noted contingent liability tied to an option agreement.
Nicole, the independent auditor, told the board the opinion is “qualified again,” citing “a deferred inflow of resources that nobody knows what it relates to,” and a material loss contingency that must be reflected on the December 31 balance sheet. The auditors disclosed a contingent liability of $222,500 in the footnotes and said the agency’s property was carried at a fair value of $715,000…
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