Orange County NC Website
Browse       Search
12 <br /> <br />2 Clean Audit opinion <br />3 Three years Audited Financial Statements to complete Nonprofit Financial Capacity <br />Review <br />4 IFC Outside Agency three-year average score of 86.6% and meets proposed loan <br />eligibility requirements <br /> <br />Nonprofit Financial Capacity Review (table) <br /> <br />IFC Nonprofit Financial Capacity Review (graph) <br /> <br />Outside Agency Timeline and Process (table) <br /> <br />Questions/Next Steps <br /> <br />Commissioner Marcoplos referred to the revolving loan, and asked if could be further <br />explained. <br />Gary Donaldson said as they go through a three year budget cycle, staff would come <br />back to the Board in the ensuing year’s budget and recommend that it be repurposed. He said <br />if the Board wished to keep it in the loan fund, staff would do so. <br />Commissioner Marcoplos said they could keep it all, or use some. <br />Gary Donaldson said yes. <br />Commissioner Price offered a hypothetical: 5 nonprofits could use the all the funds, and <br />leave none for residents. <br />Gary Donaldson said yes, non-profits could use all the funds, but in a community loan <br />fund there is an existing loan structure for residents that is separate. He said the $500,000 <br />would be over and above this. <br />Commissioner Price said there are some water and sewer projects nearing completion in <br />Orange County, and asked if he anticipates the residents needing loans for hook ups. <br />Gary Donaldson said that is why staff did a budget amendment of $200,000 in June for <br />requests like this. <br />Commissioner Price said it is her opinion that the County should serve the residents no <br />matter where they live, even if the Towns decline to contribute. <br />Commissioner Jacobs said he appreciated this, and finds it to be a doable solution. He <br />asked if it is known who will generate the audit opinion. <br />Gary Donaldson said it will be an independent audit, and in the case of InterFaith <br />Council (IFC), their auditor provides that opinion. <br />Commissioner Jacobs asked if a small non-profit wants to apply, would the audit <br />expense prevent them from being able to do so. <br />Gary Donaldson said staff would look at the rest of the financial statements, but it would <br />be best practice for a non-profit to have an independent audit. <br />Commissioner Jacobs said when the outside agency funding applications are created <br />this fiscal year, he would recommend inquiring how many of those entities conduct an audit. <br />Gary Donaldson said he has already looked into this, and believes that all already <br />conduct an audit. <br />Commissioner McKee said the balance in the loan fund is now $282,000, and asked if <br />that is reserved for the community loans, and the $500,000 would be in addition to that for non- <br />profit loans. <br />Gary Donaldson said yes. <br />Commissioner Rich asked if there is an advertising plan for this process. <br />Gary Donaldson said staff can engage their Community Relations Director and other <br />outlets.