Chemung County Capital Resource Corporation accepts 2024 audit; auditors report clean opinion on financial statements

The Chemung County Capital Resource Corporation on June 12 accepted the 2024 audit presented by Ansero (audit partner Evan Cleveland), who said auditors issued an unmodified (clean) opinion on the corporation’s 2024 financial statements and provided a management comment letter noting recurring and resolved findings.

Evan Cleveland, identified at the meeting as an audit partner with Ansero, told board members the firm issued an unmodified opinion on the 2024 financial statements and reported improvements over the prior year. He said the auditors also issued a report on internal control and financial reporting under government auditing standards and included a management comment letter with two recurring findings from the prior year and three resolved findings.

The audit presentation noted the organization ended 2024 with roughly $314,000 in total assets, a deficit in net assets without donor restrictions of a little over $600,000, and approximately $1.8 million in total revenue for the year. The auditors said the increase in revenue and expenses compared with the prior year largely reflected a full year of arena operations and related activity.

Board members commended staff for the improvements that enabled the audit opinion; the board then voted to accept the audit report by roll call.

Why it matters

A clean (unmodified) opinion indicates the auditors were able to obtain the evidence needed to conclude the financial statements are presented fairly in all material respects. The management comment letter and internal control observations identify areas for continued process improvement and remain items for board oversight.

What happened in the meeting

- Audit presentation: Evan Cleveland reviewed the executive summary, noting the unmodified opinion on the 2024 financial statements, the government‑auditing standards report and the management comment letter that contains recurring and resolved items.

- Key figures: The auditors reported total assets of about $314,000, net asset deficit without donor restrictions of approximately $600,000, total revenue of roughly $1.8 million and corresponding increases in expenses tied to a full year of arena operations.

- Board action: The board voted by roll call to accept the audit as presented.

Details and next steps

The auditors said they found no material misstatements that required adjustment and no disagreements with management during the audit. The management comment letter lists items for corrective action; the auditors and staff will follow up on those items and report progress to the board.

Ending

After accepting the audit, the corporation moved on to other routine business and adjourned the meeting.