LTD Board Approves Financial, Compliance Audits
Lane Transit District’s Board of Directors has approved the organization’s financial and compliance audits. Accounting firm Eide Bailly LLP issued “unmodified opinions,” meaning the reports on financial reporting, internal controls, and compliance are in accordance with Generally Accepted Accounting Standards (GAAP) and the Office of Management and Budget’s (OMB) Uniform Guidance.
The Annual Comprehensive Financial Report (ACFR) from LTD includes additional statistical information such as local employer data, fares, ridership, and area population. An AFCR is a higher bar for financial reporting, providing additional transparency into the organization.
“Eide Bailly continues to do excellent work for LTD,” said Julie Lindsey, LTD’s Chief Financial Officer. “It's LTD's responsibility to be good stewards of the public funding we receive. Based on LTD’s procedures and according to Eide Bailly's testing, anyone who reads our financial statements can trust that what’s presented on paper is reality.”
The audits took place over a six to eight week period, using LTD’s financial statements as of June 30, 2024.