According to an audit by Palermo, Kissinger & Associates, Citizens Library is on solid ground.
Gary Kissinger, a certified public accountant with the Washington-based firm, said the library passed its 2013 audit with an unmodified opinion, meaning the auditors found no discrepancies or misstatements in its financial statements.
“I’m pleased, but not surprised,” said Citizens Library Director Diane Ambrose. “We’ve had clean audits since I’ve been here.”
According to Kissinger, who presented the results of the audit to the Citizens Library Board at its regular meeting Tuesday, the library is in better financial shape than it was five years ago.
The audit covers the Washington library’s fiscal year from Jan. 1 to Dec. 31, 2013. It shows the library’s net assets were $4,028,830.
Of that, approximately $1.7 million are restricted, while $2.3 million, which includes a $1 million bequest, is unrestricted and can be used for general operations.
Salaries and wages accounted for $507,065 and operating expenses totaled $1,011,694.
“They certainly have the resources and have done a nice job of keeping their costs to a minimum,” said Kissinger, noting the library reduced expenses by $130,000 in 2013 while building net assets.
The audit includes four recommendations to the library, including consolidating investments the library currently has with four financial institutions.
While the audit gives a clean opinion of the library’s financial statements, a local official questioned whether the audit reviewed actual documents or if the firm used information provided.
South Strabane Township Supervisor Ed Mazur asked several questions, which Kissinger did not answer at the meeting. Kissinger said Wednesday he is confident the audit was conducted using accurate financial documentation.