An audit report was filed on November 7, 2011 on the Coney Island Development Corporation's (CIDC) financial and operating practices and its compliance with its EDC funding agreement. This audit determined whether CIDC accurately accounted for program funds and conducted its economic activities in accordance with the funding agreement. It was determined that EDC properly accounted for CIDC's revenues and expenses and conducted economic activities in accordance with the funding agreement. However, it was found that EDC paid $20,856 in inappropriate or questionable expenditures and could enhance the controls over CIDC's operations to ensure that all transactions are properly authorized and processed in accordance with procedures. Recommendations were made to rectify these issues.
An audit report was filed on November 4, 2011 on the Department of Homeless Services' (DHS) controls over billing and payments made to Aguila, Inc. It was determined that DHS did not adequately monitor Aguila's fiscal and operational performance. It was recommended that DHS keep closer monitoring on Aguila's operations and keep a more stringent check on its own.