The Innovation Trail is taking a closer look at New York State's industrial development agencies, or IDAs. Get up to speed on what IDAs do - and what they don't do - by reading this primer, and subscribing to the IDA RSS feed.
An independent auditor who looked over the books of Onondaga’s County Industrial Development Agency (OCIDA) presented his findings to the OCIDA board Tuesday.
OCIDA board members liked what they heard.
“I was very pleased,” says OCIDA Executive Director Mary Beth Primo. “It’s reassuring to know my board and the auditors realize the staff is doing a very good job.”
Accountant David Moynihan spent about 20 minutes going over his findings. Moynihan said he found only one item that was misfiled last year - but he says it didn’t affect the agency’s bottom line.
In assessing the overall financial situation of the local IDA, Moynihan said he saw no weakness in its ability to continue operating. OCIDA’s fiscal health “gives [me] comfort,” Moynihan said.
It was Moynihan’s first time looking over OCIDA’s books.
Industrial development agencies work to spur economic growth by granting financial incentives to local companies.
The audit results will be included in OCIDA’s annual report, which is due at the end of March.
“The audit isn’t a reflection of how much money we have in the bank,” says OCIDA’s Primo. “[It says] that we’re doing things correctly; that we’re open and honest with all of our finances.”
Going digital
OCIDA will soon be going paperless at its monthly meetings.
The board recently approved the purchase of up to 10 iPads. They’ll be shared with board members of the Trust for Cultural Resources of Onondaga County and the Onondaga Civic Development Corporation. All three organizations work under the same roof.
The iPads will cut down on paper use and also increase efficiency, according to OCIDA’s Primo. Currently, binders full of documents must be prepared for each meeting.
