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Home My WebLink About2005 FIFD (2) e H �4. a s. FISHERS ISLAND FERRY DISTRICT, A COMPONENT UNIT OF — THE TOWN OF SOUTHOLD - SUPPLEMENTAL FINANCIAL REPORTS IN ACCORDANCE WITH THE OMB CIRCULAR A-133 ��6 u DECEMBER 31, 2005 �m a i _ is � i 1 ' FISHERS ISLAND FERRY DISTRICT, A COMPONENT UNIT OF ' THE TOWN OF SOUTHOLD ' SUPPLEMENTAL FINANCIAL REPORTS IN ACCORDANCE WITH THE OMB CIRCULAR A-133 DECEMBER 31,2005 ' CONTENTS ' Report on Compliance with Requirements Applicable to each Major Program,on Internal Control ' over Compliance in Accordance with OMB Circular A-133,and on the Schedule of Expenditures ofFederal Awards......................................................................................................................................................1 ' Schedule of Expenditures of Federal Awards................................................................................................................3 ' Notes to the Schedule of Expenditures ofFederal Awards......................................................................................................................................................4 Schedule of Findings and Questioned Costs..................................................................................................................5 ' Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit Of Financial Statements Performed in Accordance with Government Auditing Standards....................................................................................................7 DOHERTY,BEALS&BANKS,P.C. ' DOHERTY,BEALS & BANKS, P.C. CERTIFIED PUBLIC ACCOUNTANTS ' 187 WILLIAMS STREET POST OFFICE BOX 59 CARL A.BANKS,CPA (860)443-2033 NEW LONDON,CONNECTICUT 06320 ' STACEY L.GUALTIERI,CPA FAX(860)444-7086 KATHLEEN A.STEAMER,CPA WWW.DBBCPA.COM DAVID J.MICELI,CPA Board of Directors ' Fishers Island Ferry District A component unit of the Town of Southold New London, CT 06320 ' REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM,ON INTERNAL CONTROL OVER COMPLIANCE IN ' ACCORDANCE WITH OMB CIRCULAR A-133,AND ON THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS ' Compliance ' We have audited the compliance of the Fishers Island Ferry District,a component unit ofthe Town of Southold,withthe types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Circular A-133 Compliance Supplement that are applicable to each of its major federal programs for the year ended December 31,2005. ' The major federal programs are identified in the summary of auditors'results section of the accompanying schedule of findings and questioned costs. Compliance with the requirements of laws,regulations,contracts and grants applicable to each of its major federal programs is the responsibility of the Fishers Island Ferry District's management. Our responsibility is to express an opinion on the Fishers Island Ferry District's compliance based on our audit. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the ' Comptroller General of the United States;and OMB Circular A-133,Audits of States,Local Governments,and Non- profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis,evidence about the Fishers Island Ferry District's,compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination of the Fishers Island Ferry District's,compliance with those requirements. In our opinion,the Fishers Island Ferry District complied,in all material respects,with the requirements referred to above ' that are applicable to each of its major federal programs for the year ended December 31,2005. ' - 1 - _ f ' Internal Control Over Compliance The management of the Fishers Island Ferry District is responsible for establishing and maintaining effective internal control over compliance with the requirements of laws,regulations,contracts and grants applicable to federal programs. ' In planning and performing our audit,we considered the Fishers Island Ferry District's internal control over compliance with requirements that could have a direct and material effect on a major federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on the internal control ' over compliance in accordance with OMB Circular A-133. Our consideration of the internal control over compliance would not necessarily disclose all matters in the internal control ' that might be material weaknesses. A material weakness is a reportable condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that noncompliance with applicable requirements of laws, regulations, contracts and grants caused by error or fraud that would be material in relation to a major federal program being audited may occur and not be detected within a timely period by employees in ' the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. Schedule of Expenditures of Federal Awards ' We have audited the basic financial statements of the Fishers Island Ferry District as of and for the year ended December 31,2005,and have issued our report thereon dated June 15,2006. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by OMB Circular A-133 and is not a required part of ' the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit ofthe basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. ' This report is intended solely for the information and use of the management,Board of Directors,and cognizant audit agencies, is not intended to be,and should not be used by anyone other than these specified parties. ' DOHERTY, BEALS&BANKS,P.C. ' June 15,2006 -2- DOHERTY,BEALS&BANKS,P.C. FISHERS ISLAND FERRY DISTRICT, ' A COMPONENT UNIT OF THE TOWN OF SOUTHOLD SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS FOR THE YEAR ENDED DECEMBER 31,2005 Federal Grantor Federal Pass-Through ' Pass-through Grantor CFDA Grantor's Federal Program Title Number Number Expenditures U.S.Department of Transportation ' Direct: Airport Improvement Program 20.106 N/A S 412,974 Pass Through Connecticut Department of Transportation Ferry Boat Discretionary Program 20.500 94-212 1,570,165 TOTAL EXPENDITURES OF FEDERAL AWARDS $ 1,983,139 ' See notes to schedule. - -3 DOHERTY,BEALS&BANKS,P.C. ' FISHERS ISLAND FERRY DISTRICT A COMPONENT UNIT OF THE TOWN OF SOUTHOLD NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS ' FOR THE YEAR ENDED DECEMBER 31,2005 BASIS OF PRESENTATION ' The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Fishers Island Ferry District, a component unit of the Town of Southold, and is presented on the accrual basis of ' accounting. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. -4- DOHERTY,BEALS&BANKS,P.C. 1 FISHERS ISLAND FERRY DISTRICT ' A COMPONENT UNIT OF THE TOWN OF SOUTHOLD SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED DECEMBER 31,2005 SECTION I-Summary of Auditor's Results Financial Statements ' Type of auditor's report issued:unqualified Internal control over financial reporting: ' Material weakness(es)identified? —yes X none reported • Reportable condition(s)identified that are ' not considered to be material weaknesses? —yes X none reported Noncompliance material to financial statements noted? —yes X no Federal Awards ' Internal control over major programs: Material weakness(es)identified? —yes X none reported Reportable condition(s) identified that are not considered to be material weakness(es)? —yes X none reported Type of auditor's report issued on compliance for major programs:unqualified Any audit findings disclosed that are required to be reported in accordance with section 510(a) of Circular A-133? —yes X no Identification of major programs: 1 CFDA Number(s) Name of Federal Program or Cluster 20.5 Ferry Boat Discretionary Program Dollar threshold used to distinguish between ' type A and type B programs: $300,000.00 Auditee qualified as low-risk auditee? X yes —no ' -5 - DOHERTY,BEALS&BANKS,P.C. FISHERS ISLAND FERRY DISTRICT, ' A COMPONENT UNIT OF THE TOWN OF SOUTHOLD SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED DECEMBER 31,2005 SECTION II-Financial Statement Findings No findings or questioned costs are reported. SECTION III-Federal Award Findings and Questioned Costs No findings or questioned costs are reported. -6- DOHERTY,BEALS&BANKS,P.C. DOHERTY, BEALS & BANKS, P.C. CERTIFIED PUBLIC ACCOUNTANTS ' 187 WILLIAMS STREET CARL A.BANKS,CPA POST OFFICE BOX 59 NEW LONDON,CONNECTICUT 06320 (om)443-2033 STACEY L.GUALTIERI,CPA FAX(860)4447086 KATHLEEN A.STEAMER,CPA REPORT ON COMPLIANCE AND ON INTERNAL CONTROL WWW.DBBCPA.COM DAVID J.MICELI,CPA OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Board of Directors Fishers Island Ferry District A component unit of the Town of Southold New London,CT 06320 We have audited the financial statements of the Fishers Island Ferry District,a component unit of the Town of Southold, ' as of and for the year ended December 31,2005,and have issued our report thereon dated June 15,2006. 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. Compliance and Other Matters ' As part of obtaining reasonable assurance about whether the Fishers Island Ferry District's financial statements are free of 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 that are required to be reported under Government Auditing Standards. Internal Control over Financial Reporting ' In planning and performing our audit,we considered the Fishers Island Ferry District's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial ' statements and not to provide an opinion on the internal control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a reportable condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or ' fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material ' weaknesses. This report is intended for the information of the board of directors, management, and cognizant audit agencies. ' However,this report is a matter of public record and its distribution is not limited, v---Z1 i"/ s /: �.1 P G. ' DOHERTY, BEALS& BANKS,P.C. June 15,2006