Title
Receive report from independent auditor, RSM US LLP, and consider recommendation from the Finance/Administrative Committee to accept the audit report for the 12-month period of January 1, 2025 through December 31, 2025.
Body
RECOMMENDED MOTION:
Move the board accept the draft audit report as presented by independent auditor, RSM US LLP, for the 12-month fiscal period of January 1, 2025 through December 31, 2025.
SUMMARY:
The purpose of this agenda item is for the board to receive a presentation from EAA independent auditor, RSM US LLP (RSM), and consider a Finance/Administrative Committee recommendation to accept the 2025 fiscal year audit.
RSM will present the initial draft audit document and a report on the conduct of the audit to the committee. Each of these documents, as well as, the RSM communication letter related to the planned scope and timing of the audit, is attached to this summary.
RSM issued an opinion that the financial statements present fairly, in all material respects, the financial position of the EAA. This resulted in an unmodified or “clean” audit opinion. In addition, RSM did not propose any audit adjustments or discuss any significant issues arising from the audit with management.
At the meeting on March 24, the Finance/Administsrative Committee voted to recommend the board accept the audit report as presented by independent auditor, RSM LLP, for the 12-month fiscal period of January 1, 2025 through December 31, 2025.
M/WBE PARTICIPATION:
This agenda item does not involve the procurement of goods or services by the EAA and, therefore, this section is not applicable.
STRATEGIC PLAN REFERENCE:
This agenda item does not relate to a specific goal within the Strategic Plan, but supports the general EAA mission.
FISCAL IMPACT:
None.