TOWN OF HEMPSTEAD IDA
350 Front Street
Hempstead, New York 11550

Audit  Committee Minutes
March 24, 2010

Members Present:  Ari Brown, Chairman, Theodore (Ted) Sasso, Frederick Parola, John Ryan Patricia (Pat)  Mezeul and Lorraine Rhoads

Members Absent:  None

Jonathan Kohan made a motion and the meeting was convened at 8:55 a.m.  

All Audit Committee Members had reviewed beforehand a copy of the proposed budget line transfers to close 2008.  Due to the present financial difficulties overall, the committee fully understood the shortfall in fees (project that didn’t close & lower interest rates) and the additional expenditures due to a new full-time employee.   The Chairman, Jonathan Kohan recommended to the committee that they accept these transfers.  All present agreed to present the budget line transfers as discussed to the full Board for approval. Therefore, the Audit Committee unanimously approved the Budget Line Transfers.

Chairman Kohan read the Authority Budget Office guidelines.  He suggested that the committee review and update the IDA’s Internal Control Policy.  It will be reviewed and recommended for approval by the full board at the February 25th meeting.

The IDA’s Investment Policy and Purchasing Guidelines were reviewed and discussed.
The Committee determined that they do not need to be updated at this time.  All members of the committee agreed.

The committee briefly discussed the IDA bank accounts and the need to update signature cards for our checking account.  The members agreed that there is a need to do so.

A motion was made by Jonathan Kohan and seconded by Ted Sasso for the meeting to be adjourned at 9:10 a.m.  The motion was unanimously approved.

						_______________________________
		FREDERICK E. PAROLA
Executive Director & CEO