State Auditor Says Thomasville ABC Board Is Financially Strong Following March Audit

During its March 25 meeting, the Thomasville ABC Board heard an audit presentation from Edwin Strickland, an auditor with the State of North Carolina—s ABC Board, who described the local board—as financially sound.

"Our $5.7 million in sales, a 30% increase in five years, equates to $210 per resident," Strickland said, and he reported the board met minimum cash-flow and distribution requirements, minimum annual inventory turn and the minimum profit-to-sales ratio. He told board members the store—has an operating-cost ratio of 0.59 compared with a 0.73 standard and that operating expenses rose only about 3% compared with 2023.

Strickland also highlighted the board——s $2.5 million net position, a roughly 20% increase over five years, and praised the board—for strong municipal distributions. "The minimum required last year was $161,000 but we paid $510,000," he said, noting the board—has a history of "very healthy municipal distributions."

The auditor listed several operational strengths: on-the-spot inventory checks, good employee retention and consistent support for alcohol education programs such as the Fairgrove Resource Center. The lone shortcoming he cited was that the board—travel policy had not been updated to match the City of Thomasville—policy as often as required; the audit notes that the travel policy was updated at the previous City Council meeting.

Board Chair Cran Plyler thanked Strickland for the review. No follow-up motions were recorded on the audit during the meeting; the board moved on to routine business.