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Evansville Land Bank accepts 2023 audit; reviews February financials and insurance renewal
Summary
At its March 21 meeting the Evansville Land Bank Corporation reviewed February financial statements, heard its 2023 audit from Kemper CPA Group and voted to accept the audit. Auditors noted a qualified opinion tied to property valuation practices and new investments with German American.
The Evansville Land Bank Corporation reviewed February financial statements and accepted its 2023 audit during the March 21 meeting.
The audit presentation was led by Aubrey Evelyn, an auditor with Kemper CPA Group, who told the board the firm issued a qualified opinion because the land bank carries properties at cost rather than adjusting them to fair value following disposals or demolition. ‘‘We carry properties at cost as opposed to adjusting them to fair value,’’ Evelyn said, adding that obtaining appraisals can be costly.
Board members discussed routine line items in the financial statements. Jessica (Land Bank staff) summarized income and expenses, noting a January contractual installment from the city of $20,833.33. She listed several recurring expenses cited in the packet: an audit progress billing of $6,100, December 2024 legal fees of $247.50, pest-control service charges tied to 401 North Main, and utilities totaling $1,586.77. Jessica also pointed out that grant timing can cause month-to-month variation in revenue.
Evelyn summarized balance-sheet changes: assets up roughly $57,000 from 2023, disposal of 35 properties and purchase of 15 properties during the year, and a new investment account at German American. She said investments were primarily fixed-income securities and noted required new footnotes disclosing fair value and holdings. The audit report listed two recurring findings: (1) lack of internal capacity to prepare full financial statements and disclosures, and (2) the accounting treatment of property inventory at cost rather than fair value.
Board members moved to accept the audit; the motion passed. Roger (board member) made the motion to accept the audit from Kemper CPA Group for December 2023 and the board voted in favor.
Jessica also reported staff had executed the annual renewals for liability coverage. She said the general liability renewal was $2,921.25 and excess liability totaled $4,555.10; the board discussed making the renewal a January bid item in future years.
Minutes and the financial statements for the period were also presented and accepted by voice votes earlier in the meeting.
The auditor and staff offered no new concerns beyond the previously reported control and valuation matters; board members had no further questions.
