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.
“This was our first time working with Eide Bailly,” said Pamela Strutz, LTD’s Director of Finance. “They have extensive experience with other transit agencies and now we have the privilege of telling the public that based on LTD’s procedures and testing, a person 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, 2023.