Coastal CPAs LLC will soon work with the Liberty County Development Authority to make sure the entity’s finances are squared away and error-free before paperwork goes to the auditor’s office, board members decided during last week’s called meeting.
Board members chose to hire Ben P. Lee of Coastal CPAs to assist Carmen Cole, LCDA director of administration and finance, in balancing the chart of accounts for all funds through the LCDA.
Lee also will assist in a final review of year-end financial statements and notes to help the LCDA comply with generally accepted governmental accounting principles as required by Georgia law and, if applicable, the reporting requirements of the U.S. Office of Management and Budget’s A-133 compliance supplement, which is a guide used in auditing federal assistance and federal grant programs, according to an official letter of services from the company.
“If you don’t have the chart of accounts set up appropriately it could cause a lot of problems,” LCDA CEO Ron Tolley said of the importance of checks and balances in the authority’s financial books.
Cole hasn’t been formally trained in governmental accounting, so Lee’s official training should prevent errors and allow for a more timely audit, Tolley said.
Most preparation work on the annual financial statements will be conducted in the next six to eight weeks.
“During this time, we will work on getting our chart of accounts updated for the governmental accounting and get information prepared for our annual financial statements,” Cole said.
Tolley said the board hired Lee because members were comfortable with his work and “his resume looked great.”
The company accountant has worked with several LCDA board members and other government entities, including additional developmental authorities, which further cemented the decision to go with Coastal CPAs LLC, Tolley said.
According to a letter sent to the LCDA from the Coastal CPAs LLC, the firm discounted its service fee by 27 percent because, Lee said, they understand many government entities are operating under tight budgets.
Tolley estimates the total cost of hiring Lee will be around $8,000, depending on the amount of work needed, which should last through the authority’s fiscal year ending June 30.
Board members chose to hire Ben P. Lee of Coastal CPAs to assist Carmen Cole, LCDA director of administration and finance, in balancing the chart of accounts for all funds through the LCDA.
Lee also will assist in a final review of year-end financial statements and notes to help the LCDA comply with generally accepted governmental accounting principles as required by Georgia law and, if applicable, the reporting requirements of the U.S. Office of Management and Budget’s A-133 compliance supplement, which is a guide used in auditing federal assistance and federal grant programs, according to an official letter of services from the company.
“If you don’t have the chart of accounts set up appropriately it could cause a lot of problems,” LCDA CEO Ron Tolley said of the importance of checks and balances in the authority’s financial books.
Cole hasn’t been formally trained in governmental accounting, so Lee’s official training should prevent errors and allow for a more timely audit, Tolley said.
Most preparation work on the annual financial statements will be conducted in the next six to eight weeks.
“During this time, we will work on getting our chart of accounts updated for the governmental accounting and get information prepared for our annual financial statements,” Cole said.
Tolley said the board hired Lee because members were comfortable with his work and “his resume looked great.”
The company accountant has worked with several LCDA board members and other government entities, including additional developmental authorities, which further cemented the decision to go with Coastal CPAs LLC, Tolley said.
According to a letter sent to the LCDA from the Coastal CPAs LLC, the firm discounted its service fee by 27 percent because, Lee said, they understand many government entities are operating under tight budgets.
Tolley estimates the total cost of hiring Lee will be around $8,000, depending on the amount of work needed, which should last through the authority’s fiscal year ending June 30.