Audit Committee Minutes
September 21, 2011

Members Present:  Ted Sasso, Ari Brown, Dan Grodotzke, John Ryan, Lorraine Rhoads

Members Absent:  Fred Parola

John Ryan convened the meeting at 8:41 a.m.

Committee members had an opportunity to review the “Audit Committee Charter” prior to this meeting.  A motion was made to renew the Charter by John Ryan and seconded by Ted Sasso. “Charter”.   All approved, the motion carried.

The 2012 contracts with the Agency was the next item on the agenda.  The committee had an opportunity to previously review the proposed contracts and has no objections to their contents. Dan Grodotke made a motion to accept the 2012 contracts for Sheehan & Company (accountants), Gene Turner (consultant), TOH Dept of General Services (rent), Loyal Business Machines (copier) and Bluetooth Creative (advertising agency).  John Ryan seconded the motion.  All approved and the motion carried. 

The committee discussed the 2012 “Preliminary Budget” for the agency.  John Ryan noted the greatly reduced bank interest rates and the increases in rent for next year.  A motion to accept the “preliminary budget” was made by John Ryan and seconded by Ted Sasso.  All approved and the motion carried.

The contracts and the budget will be presented to the full IDA Board at the next meeting scheduled for October 26, 2011.

A motion was made by John Ryan to close the meeting and Ted Sasso seconded it.  All approved and the meeting was closed at 8:47 a.m.

					
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                                                                                      Lorraine Rhoads, Agency Administrator
9/21/11