Tomorrow marks a significant juncture for IVGID, as they are summoned to appear before the Committee on Local Government Finance at the State of Nevada Department of Taxation. (Item 3b, pages 13-24).
Why the summons? IVGID incurred a delay in filing their 2022/2023 audit, which was due on January 31, 2024. Despite enlisting consultants back in August and September to assist, the organization found itself requesting three extensions, the final one extending the deadline to March 31, 2024
Complicating matters, the Board of Trustees opted to initiate a forensic due diligence audit amidst the ongoing State-mandated audit, fully aware that such an endeavor would likely lead to delays. This decision was made despite the finance department’s ongoing efforts to reconcile bank accounts and address software integration issues to ensure IVGID’s financials were up-to-date. Notably, no evidence of fraud has been uncovered through the forensic due diligence audit, though it has highlighted some sloppy accounting practices.
Davis Farr, the external auditor, was unable to provide an audit opinion until the completion of the forensic due diligence audit. Given that Davis Farr’s opinion is a requisite component of the State audit, they issued a suboptimal “Disclaimer of Opinion.”
During a Special Board of Trustees Meeting on March 28th, draft audit documents were reviewed and discussed. These documents were submitted on Friday, March 29th, just meeting the extension deadline. The discussion between the Board and the General Manager during this meeting was both revealing and disconcerting (discussion starts at 18:40): Link to Livestream
Stay tuned for tomorrow’s meeting, as IVGID finds itself under the scrutiny of the Department of Taxation. The meeting commences at 10:30 am and can be attended via Zoom: Link to Agenda
