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SIDA authorizes directors-and-officers insurance and auditing engagement
Summary
The Syracuse Industrial Development Agency authorized a directors-and-officers insurance policy and approved an engagement letter for auditing services from Grossman St. Amore; the record includes an inconsistent insurance cost figure that the board did not resolve publicly.
The Syracuse Industrial Development Agency approved two administrative contracts in its public meeting: a directors-and-officers (D&O) insurance policy and an engagement letter for next year—s audit by Grossman St. Amore.
Agency staff told the board the recommended insurance bid came from the Greenwich Insurance Company and described the policy limits as "$5,000,000 per claim." The transcript contains inconsistent cost figures for the insurance: at one point the presiding member stated an authorization to spend "approximately $7,100," while staff later described the bid as "approximately $77,500." The board voted to approve the insurance policy after a motion was made and seconded.
Staff also introduced an engagement letter from Grossman St. Amore to audit the agency—s financials for the year closing Dec. 31; staff said the proposed audit fee in the packet is approximately $22,000 and that the firm assisted on the QuickBooks transition in a separate, separately billed engagement shared with related entities. The board authorized staff to sign the engagement letter and voted to carry the motion in the public meeting.
