We are resubmitting the 12/31/14 audit report for the above client for the following reason;

Transcription

1 LAPORTE LaPorte, APAC 5100 Village Walk Suite 300 Covington, LA I Fax LaPorte.com August 17, 2015 Ms. Suzanne Elliott Louisiana Legislative Auditor 1600 North Third Street P. O. Box Baton Rouge, LA RE: St. Tammany Parish Economic Development Foundation Entity ID# 8949 CPA Firm ID# 185 CPA Contact ID # 280 Dear Ms. Elliot: We are resubmitting the 12/31/14 audit report for the above client for the following reason; Two sentences were added to the end of the first paragraph of Note 1 at the recommendation of the client's attorney. They wanted to add language about their compliance with LRS 24:513. This was not financial related and had no effect on the financial statements or our opinion. This document was previously submitted and approved by the LLA on July 8, 2015, under control number Please let us know if you have any questions or need additional information. Sincerely, a tpa Patrick "Bryan" Huval, CPA Director, Audit and Assurance Services Attachment Under provisions of state law. this report is a puonc document. Acopy of the report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and. where appropriate, at the office of the parish clerk of court. Release Date SEP NEW ORLEANS HOUSTON BATON ROUGE COVINGTON An Independently Owned Member, McGUdrey Alliance 1>ie McOtadfvy Manc»» a prarmt afoaiion nlependani acoocrting and coroultjno frma. Ihe McCladray AJton ftwrbar irma mairtan name, aulcnoaty vid indepandence ard arv (VipsnBUe fw their own dent iee arrsnge'nants. defwy of services and fraintcrianca ol ctenl letabontfips

2 ST. TAMMANY ECONOMIC DEVELOPMENT FOUNDATION, INC, Audit of Financial Statements December and 2013 LAPORTE

3 Contents Independent Auditor's Report 1-2 Financial Statements Statements of Financial Position 3 Statements of Activities 4-5 Statements of Cash Flows 6 Statements of Functional Expenses 7 Notes to Financial Statements 8-11 Other Supplementary Information Schedule of Compensation, Benefits and Other Payments to Agency Head 13 Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed In Accordance with Govemmenf Auditing Standards 14-15

4 T A Tt, LaPorte, APAC JLAJr ORTE 5100 VUlage Waik I Suite 300 CPA! i BUSINESS ADVISOB& Covlngtoii, LA I Fax LaPorte.com Independent Auditor's Report To the Board of Directors St, Tammany Economic Development Foundation, Inc. Mandeville, Louisiana Report on the Financial Statements We have audited the accompanying financial statements of St. Tammany Economic Development Foundation, Inc. (the Foundation), which comprise the statements of financial position as of December 31, 2014 and 2013, and the related statements of activities, cash flows, and functional expenses for the years then ended, and the related notes to the financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers intemal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Foundation's internal control. Accordingly^ we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. NEW ORLEANS HOUSTON BATON ROUGE COVINGTON An Indcpcndcnd) Owi>cd.Mcttibcr. McGladrcy Alliance "rvwrmcgjadnjvalliorooisa prmwr artibikw occoi^lingnrvjcansiillino wma, Iho MifSitdi&f ASianca (rm>hcr {iritw fnwiinin ihsi nrsno,- autcjntatt)- /ind indrt(«wlence ard oro rtsponsbto tor mra own tftn! M.-O ncang n«?>is. ffahify of ono nvtsk&isiku M cfcfrt i^jonsfrpj..

5 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Foundation as of December 31, 2014 and 2013, and the changes in its net assets and its cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America. Other Information The schedule of compensation, benefits and other payments to agency head, as required by Louisiana Revised Statute (LRS) 24:513 A(3), is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted In the United States of America. In our opinion, the schedule of compensation, benefits and other payments to agency head is fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 10, 2015, on our consideration of the Foundation's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on intemal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Govemment Auditing Standards in considering the Foundation's intemal control over financial reporting and compliance. A Professional Accounting Corporation Covington, LA June 10, 2015

6 ST. TAMMANY ECONOMIC DEVELOPMENT FOUNDATION, INC. Statements of Financial Position December 31, 2014 and 2013 Assets Current Assets Cash and Cash Equivalents Certificates of Deposit Accounts Receivable Due from St. Tammany Parish Development District Interest Receivable $ 218, ,260 $ 130,161 67,554 2,000 4, Total Current Assets 404, ,808 Fixed Assets, Net of Accumulated Depreciation Other Assets Land Held for Investment Restricted Cash Restricted Certificates of Deposit 1,080, ,474 67,655 1,787, ,374 67,763 Total Other Assets 1,351,129 1,959,137 Total Assets $ 2,164,418 $ 2,561,690 Liabilities and Net Assets Current Liabilities Accounts Payable Accrued Payroll Expenses Compensated Absences Current Maturities of Long-Term Debt $ 106,035 3,962 36,114 $ 57, ,114 10,759 Total Current Liabilities 146, ,943 Long-Term Debt, Net of Current Maturities 316,844 Total Liabilities 146, ,787 Net Assets Unrestricted Temporarily Restricted Permanently Restricted 1,847,177 59, ,190 2,012,386 15, ,677 Total Net Assets 2,018,307 2,139,903 Total Liabilities and Net Assets $ 2,164,418 $ 2,561,690 The accompanying notes are an Integral part of these financial statements.

7 ST. TAMMANY ECONOMIG DEVELOPMENT FOUNDATION, INC. Statements of Activities For the Year Ended December 31, Temporarily Permanently Unrestricted Restricted Restricted Total Revenues, Gains, and Other Support Dues and Vendor Sen/ice Contract $ 583, $ $ 583,970 Contributions 28, ;200 Dues 5,000 42,000 47i000 Other Income ,430 Interest Income Net Assets Released from-restrictions (56^900) - - Total Revenues^ Gains, and Other Support , :842 Expenses and Losses Program Services ,622 Support Services General and Administrative 314, ,657 Impairment Loss - Land Held for Investment 52,000-52,000 Loss on Sale of Land Held for Investrrient Total Expenses and Losses Change IriiNet Assets (165,209) 44,100 (487) (121,596) Net Assets,Beginning of Year, , i903 Net Assets, End of Year $ $ 59:940 $ $ 2: The accompanying notes are an Integral part of these financial statements.

8 ST. TAMMANY ECONOMIC DEVELOPMENT FOUNDATION. INC. Statements of Activities (Continued) For the Year Ended December Temporarily Permanently Unrestricted Restricted Restricted Total Revenues. Gains, and Other Support Dues and Vendor Service Contract $ 546,350 $ $ $ 546,350 Contributions 92,200 72, ,600 Dues -- 5,000-5,000 Other Income Interest Income Net Assets Released from Restrictions 77,218 (77.218) Total Revenues, Gains, and Other Support ,586 Expenses and Losses Program Services 336, ,074 Support Senflces General and Administrative 309, Total Expenditures 645, ,971 Change in Net Assets 70.8as ,615 Net Assets. Beginning of Year 1.941, :068,288 Net >tesets, End of Year $ $ $ The accompanying notes are an integral part of these financial statements.

9 ST. TAMMANY ECONOMIC DEVELOPMENT FOUNDATION, INC. Statements of Cash Flows For the Years Ended December 31, 2014 and Cash Flows from Operating Activities Change in Net Assets $ (121,596) $ 71,615 Adjustments to Reconcile Change in Net Assets to Net Cash Provided by Operating Activities Depreciation 18,419 10,565 Loss on Sale of Land Held For Investment 180,159 - Impairment Loss - Land Held for Investment 52,000 - Decrease (Increase) in Accounts Receivable 2,380 (1,000) Increase in Restricted Cash (99,100) (61,379) Decrease (Increase) in Due from St. Tammany Parish Development District 4,713 (4.713) Increase in Accounts Payable 48, Increase (Decrease) in Accrued Payroll Expenses 3,379 (2.537) Decrease in Deferred Revenue - (55,000) Increase in Compensated Absences m 2,583 Net Cash Provided by Operating Activities 88, Cash Flows from Investing Activities Increase in Certificates of Deposits (118,598) (447) Proceeds from Sale of Land 474,842 Construction of Facilities m (17,585) Purchase of Fixed Assets (29,220) (9.873) Net Cash Provided by (Used In) In Investing Activities 327,024 (27,905) Cash Flows from Financing Activities Principal Payments on Long-Term Debt (327,603) (9,109) Net Cash Used In Financing Activities (327,603) (9,109) Net Increase (Decrease) In Cash and Cash Equivalents 88,323 (20,933) Cash and Cash Equivalents, Beginning of Year 130, ,094 Cash and Cash Equivalents, End of Year Supplemental Disclosure of Cash Flow Information Cash Paid during the Year for Interest $ 218,484 $ $ 13,811 $ The accompanying notes are an Integral part of these financial statements. 6

10 ST. TAMMANY ECONOMIC DEVELOPMENT FOUNDATION, INC. Statements of Functional Expenses For the Years Ended December 31, 2014 and Program Services Salaries $ $ 161,774 Projects 55,000 45,000 Health Insurance 21,593 23,081 Demographic Information 19,490 22,150 Marketing 15,401 7,631 Payroll Taxes 14,495 13,757 Programs 11,523 - Retirement Plan 10,034 11,102 Dues and Subscriptions 9,080 8,797 Printing 8,509 11,009 Travel and Related 8,318 8,126 Supplies 6,202 2,496 Development and Seminars 3,628 2,260 Website 2,613 2,151 Telephone 2,397 2,774 Restricted Projects 1,900 11,949 Grants Other 555 1,433 Total Program Services 377, ,074 General and Administrative Salaries 122, ,849 Professional Fees 61,931 38,656 Repairs and Maintenance 21,923 21,786 Depreciation 18,419 10,565 Health Insurance 14,396 15,388 Interest 13,811 15,540 Payroll Taxes 9,859 9,172 Supplies 9,302 2,417 Retirement Plan 6,690 7,401 Dues and Subscriptions 6,054 5,864 Liability Insurance 5,565 6,798 Travel and Entertainment 5,545 5,418 Telephone 3,596 4,160 Utilities 3,401 3,644 Cleaning Services 3,100 4,987 Service Charges 2,623 3,027 Development and Seminars 2,419 1,506 Contract Labor 1,950 28,378 Postage 1,305 1,133 Miscellaneous ,072 Bond Insurance Total General and Administrative 314, ,898 Fundraising - - Total Functional Expenses $ 692,279 $ The accompanying notes are an Integral part of these financial statements.

11 ST. TAMMANY ECONOMIC DEVELOPMENT FOUNDATION, INC. Notes to Financial Statements Note 1. Summary of Significant Accounting Poiicies Nature of Organization St. Tammany Economic Development Foundation, Inc. (the Foundation) was incorporated in the State of Louisiana as a non-profit corporation. The Foundation was formed to provide for the economic and industrial welfare of St. Tammany Parish (the Parish). The Foundation's members are made up of business and governmental entities within St. Tammany Parish. The Foundation promotes Industry through advertising, counseling, and demographic and business assistance. Sources of revenue include donations, parish and city investments, grants, and a contract with the St. Tammany Parish Development District (the District), a related party which is managed by the Foundation. The submission of this audit is made In the interest of complete transparency. It is not, and should not be construed as, an admission by the Foundation that it is a quasi-public entity as defined in Louisiana Revised Statute 24:513. Financial Statement Presentation The Foundation follows the guidance of the Not-fbr-Profit Entities Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The Foundation Is required to report information regarding Its financial position and activities according to three classes of net assets: unrestricted, temporarily restricted, and permanently restricted. In addition, the Foundation Is required to present a statement of cash flows. The Foundation also follows the guidance of the Not-for-Profit Entities Topic of the FASB ASC, whereby contributions received are recorded as unrestrlct^, temporarily restricted, or permanently restricted support, depending on the existence and/or nature of any donor restrictions. Restricted net assets are reclassified to unrestricted net assets upon satisfaction of the donor-imposed time or purpose restrictions. Restricted contributions are classified as unrestricted if the restriction was met in the.same year the contribution was made. Basis of Accounting Basis of accounting refers to when revenues and expenses are recognized in the accounts and reported on the financial statements. The financial statements of the Foundation are prepared on the accrual basis of accounting, whereby revenues are recognized when earned and expenses are recognized when incurred. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statements of cash flows, the Foundation considers all highly liquid investments available for current use with an initial maturity of three months or less to be cash equivalents. 8

12 ST. TAMMANY ECONOMIC DEVELOPMENT FOUNDATION, INC. Notes to Financial Statements Note 1. Summary of Significant Accounting Policies (Continued) Restricted Cash and Certificates of Deposit In accordance with a revoiving loan agreement, the Foundation Is required to restrict cash and certificates of deposit in an amount sufficient to cover the loan balance. Interest earned on restricted cash and certificates of deposit is reinvested in the investment accounts^ Loans are made in $25,000 increments; therefore, a sufficient amount of cash Is kept in a checking account to cover at least one loan amount and the rest is maintained in certificates of deposit. Permanently restricted cash and certificates of deposit for the revolving loan fund were $43,534 and $67,655, respectively, at December 31, 2014, and $43,534 and $67,763, respectively, at December 31, See Note 2 for further information. In addition to the above restricted cash, the Foundation also had donor restricted cash of $159,940 and $60,840, at December 31, 2014 and 2013, respectively. Fixed Assets All acquisitions of fixed assets In excess of $500 with a useful life of more than one year and all expenditures for repairs, maintenance, renewals, and betterments that materially prolong the useful lives of assets are capitalized. Fixed assets are recorded at cost or, if donated, at the approximate fair value at the date of donation. Depreciation Is computed on the straight-line basis over the following estimated useful lives of the assets: Building and Improvements Office Equipment Furniture and Fixtures Software 39 Years 5-10 Years 7-10 Years 3 Years Income Taxes The Foundation is a tax-exempt, non-profit organization under Section 501(c)(6) of the Internal Revenue Code. Therefore, there is no provision for income taxes in the accompanying financial statements. The Foundation follows the provisions of the Accounting for Uncertainty in Income Taxes Topic of the FASB ASC. All tax returns have been appropriately filed by the Foundation. The Foundation recognizes interest and penalties. If any, related to unrecognized tax benefits In a related expense account. The Foundation had no tax interest and penalties for the year ended December 31, 2014 and Management evaluated the Foundation's tax position and concluded that the Foundation has taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance for the years ended December 31, 2014 and 2013.

13 ST. TAMMANY ECONOMIC DEVELOPMENT FOUNDATION. INC, Notes to Financial Statements Note 2. Permanently Restricted Net Assets Permanently restricted net assets at December 31, 2014 and 2013, consisted of grants from the U.S. Department of Agriculture's Rural Economic and Community Development Office used to purchase certificates of deposit held by financial institutions and for the purpose of making low-interest loans to St Tammany Parish businesses. Collections of notes receivable and investment earnings are also restricted and can be loaned In future years. There were no loans receivable outstanding as of December 31, 2014 and Note 3. Land Held for Investment In December 2006, a private company donated a parcel of land to support the activities of the Foundation. The estimated value of the asset transferred was $1,132,000. The Foundation recorded contribution support for the donation at the estimated fair value of the land and recorded the land as an unrestricted asset. In 2010, land was also acquired through a civil action settlement with a fair market value of $655,000. During the year ended December 31, 2014, a parcel of the land held for investment was sold for $474,842 (net of selling expenses) which resulted in a loss on the sale of $180,158. Also, during the year ended December 31, 2014, six lots were reappraised which resulted in an impairment loss of $52,000. Note 4. Fixed Assets Fixed assets consisted of the following as of December 31, 2014 and 2013: Leasehold Improvements $ _ $ 11,261 Building and Improvements ,974 Construction in Progress m 17,585 Office Equipment ,396 Furniture and Fixtures ,572 Software ,420 Total Fixed Assets ,208 Less: Accumulated Depreciation ( ) (137,463) Fixed Assets. Net $ ? For the years ended December 31, 2014 and 2013, depreciation expense was $18,419 and $10,565, respectively. 10

14 ST. TAMMANY ECONOMIC DEVELOPMENT FOUNDATION, INC. Notes to Financial Statements Note 5. Long-Term Debt On April 15, 2009, the Foundation entered into a note payable for $220,000, bearing an interest rate of 6.125% with a local financial institution that expired on April 15, The note was paid off through the financing of a new loan on December 10, The new note payable was in the amount of $337,500, bearing an interest rate of 5.0%, with a local financial institution that matures on November 26, Monthly principal and interest payments were $2,241. On October 7, 2014, the Foundation paid off the remaining balance of the note in the amount of $321,203. Interest expense amounted to $13,811 and $15,540, respectively, for the years ended December 31, 2014 and The balance of the long-term debt at December 31, 2014 and 2013, was $-0- and $327,603, respectively. Note 6. Related Party For the years ended December 31, 2014 and 2013, the Foundation entered into a vendor service contract with the District in order to act as the management arm for the District and. in accordance with the Foundation's purpose, to promote and encourage the development of economic and industrial opportunities, stimulate the economy of St. Tammany Parish through renewed commerce and industry, and utilize and develop the natural and human resources of the Parish by providing job opportunities. For the years ended December 31, 2014 and 2013, the District received $544,081 and $501,350, respectively, under this contract that was included in dues and vendor service contract revenue on the statements of activities. Note 7. Subsequent Events Management has evaluated subsequent events through the date that the financial statements were available to be issued, June 10, 2015, and determined that no events occurred that require disclosure. No subsequent events occurring after this date have been evaluated for inclusion in these financial statements. 11

15 OTHER SUPPLEMENTARY INFORMATION 12

16 St. Tammany Economic Development Foundation, Inc. Schedule of Compensation, Benefits and Other Payments to Agency Head For the Year Ended December 31, 2014 Agency Head Brenda Bertus, Chief Executive Officer Purpose Amount Salary $99,427 Benefits - Insurance $11,026 Benefits - Retirement $7,954 Benefits - Cell and Data Plan $1,454 Car Allowance $0 Vehicle Provided by Government $0 Per Diem $0 Reimbursements $0 Mileage $2,438 Registration Fees $1,671 Conference Travel $287 Professional Dues/Memberships $1,155 Continuing Professional Education Fees $0 Housing $0 linvouchered Expenses $0 Special Meals $152 See independent auditor's report. 13

17 ' A Trt - LaPorte, APAC LAx ORTE 5100 Village Waik Suitc300 cpai i Busiweaa AovisoBfi Covington, LA I Fax LaPorte.com REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Independent Auditor's Report To the Board of Directors St. Tammany Economic Development Foundation, Inc. Mandeville, Louisiana We have audited, In accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of, St. Tammany Economic Development Foundation. Inc: (the Foundation), a nonprofit organization, which comprise the statement of financial position as of December 31, 2014, and the related statements of activities, cash flows, and functional expenses for the year then ended, and the related notes to the financial statements, and have Issued our report thereon dated June 10, Internal Control Over Financial Reporting In planning and performing our audit of the financial staternents. we considered St. Tammany Economic Development Foundation, Inc.'s Intemal control over financial reporting (Intemal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of St. Tammany Economic Development Foundation. Inc.'s ihtemal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of St. Tammany Economic Development Foundation. Inc.'s internal control. A deficiency in intemal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A materia! weakness Is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that Is less severe than a material weakness, yet important enough to merit attention by those charged with governance. NEW ORLEANS HOUSTON BATON ROUGE eovington An Iiidcpcndeniiy Owned Member. Mcliladrcy.-Mlianiic TlwWcGadrayAfliiincs lis p-ibtjirafrhiatmnrfkxifoti^ one t.-ms 14 Ihft KtaCSailre^AIIafrro tr*wjh6rtiftr»rrbwin4i ihdr al^v-rtata-fvirlffideiirrmlijn.^e sfvi WW tof UKS» own cseni iworuin^jiienls; ol v.'rvir:t\<] r.-iaa«krni!h'.j' ca diiin'

18 Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether St. Tammany Economic Development Foundation, Inc.'s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report This report is solely to describe the scope of our testing of intemal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Foundation's internal control or on compliance. This report is an integral part of an audit performed in accordance with Govemment Auditing Standards in considering the Foundation's Internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Under Louisiana Revised Statute 24:513, this report is distributed by the Louisiana Legislative Auditor as a public document. A Professional Accounting Corporation Covington. LA June 10,