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Mount Pleasant IDA approves clean audit, reaffirms policies and elects officers
Summary
The Mount Pleasant Industrial Development Agency unanimously approved its audited financial statements and PARIS filing, re-adopted standard governance policies required by the Public Authorities Accountability Act, and confirmed officer appointments, including chair Carl Fleenzi and incoming executive director Chris Feldman.
The Mount Pleasant Industrial Development Agency voted unanimously to adopt its audited financial statements for the fiscal year ending Dec. 31, 2025, and authorized staff to file the state PARIS report, officials said.
A staff member summarized the audit findings, saying the auditors "did not identify any management override or internal controls" concerns and "did not identify any improper revenue recognition or fraud," and reported the agency has "a little over $2 million" in cash on hand unrelated to pilot funds. The audit review also noted reconciliations of pilot payments and routine bookkeeping work by the agency's accounting team.
A board member asked about line items labeled "miscellaneous operating revenue" and professional fees. The staff explanation said miscellaneous revenue reflects interest earnings and that professional fees include executive director compensation for the prior director, audit costs and legal fees, including expenses tied to an eminent domain proceeding involving property on Elwood Avenue.
The board also voted to authorize filing the PARIS report — the state's public-authority transparency submission tied to the audit — which staff said must be filed by the end of the month and will be publicly available on the state's website.
In the same meeting the board adopted an annual organizational resolution that readopted standard policies required by the Public Authorities Accountability Act, including compensation and reimbursement, code of ethics, whistleblower, investment, travel and procurement policies. The board confirmed officer appointments: Carl Fleenzi as chair, Don Farrell as vice chair, Sharon Spina as treasurer and Greg Hayden as secretary.
The resolution also addressed staff leadership following the retirement of executive director Kevin Highland. The board confirmed that Chris Feldman will take on executive director duties and serve as financial officer and compliance officer to assist with ongoing pilot reconciliations and state filings.
All three procedural resolutions — adoption of the audited financial statements, approval of the PARIS filing, and the annual organizational resolution — passed by unanimous roll call.
The agency closed the meeting after handling the routine governance and reporting items and moved on to new-business updates.
