Wayne County Art Authority approves 2024 audit; auditor says unmodified opinion expected

The Wayne County Art Authority voted to approve the authority's 2024 financial audit prepared by Allen Young & Associates, the authority heard. Jay Weil, principal with Allen Young & Associates, told the authority the firm intends to issue an "unmodified opinion," the audit profession's standard for a clean report.

Why it matters: An unmodified opinion indicates the auditor found the authority's financial statements to be presented fairly in accordance with applicable accounting principles. The authority's revenues are largely pass-through property tax distributions to the Detroit Institute of Arts and other recipients; the auditor said the authority's balance sheet consistently shows zero net position because receipts are distributed in the same period they are received.

Weil summarized the audit findings in a brief presentation and described the audit as a draft pending the authority's approval and a small amount of final paperwork. He told the authority the deadline for filing with the state would be met once the authority approved the report. Weil said professional fees were lower in 2024 because 2023 reflected costs for two audits performed together, and that property tax revenue increased by about $200,000 to approximately $9,700,000.

The authority approved the audit by voice vote. The auditor said Allen Young & Associates received full cooperation during the audit and that the authority's accounting policies were applied consistently.

The authority's formal minutes record only a voice vote; no individual roll-call votes or vote counts were provided in the transcript.