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Cayuga County Development Corporation – CCDC FY2017 Audited Financial Statements – Management Discussion & Analysis CCDC Audited Financial Statements FY2017 Page 1 Cayuga County Development Corporation FY 2017 Audited Financial Statements MANAGEMENT DISCUSSION AND ANALYSIS Introduction The Cayuga County Development Corporation (CCDC) annually conducts an independent financial audit. The FY2017 CCDC Annual Independent Financial Audit looked closely at the finance, internal controls and investments of the CCDC and reported its findings in the CCDC financial audit report. The FY2017 Management Discussion & Analysis is excerpted and presented herein. ---PAGE BREAK--- CUDDY & WARD, LLP Certified Public Accountants 110 GENESEE STREET - SUITE 230 AUBURN, NEW YORK 13021 PHONE [PHONE REDACTED] FAX [PHONE REDACTED] WWW.CUDDYANDWARDCPA.COM PAUL L. CUDDY, CPA RICHARD L. BEAUCHINE, CPA, MST RICHARD D. WARD, CPA FRANK L. DEROSA, CPA CMC INDEPENDENT AUDITORS’ REPORT ON FINANCIAL STATEMENTS To the Board of Directors Cayuga County Development Corporation Auburn, New York We have audited the accompanying financial statements of Cayuga County Development Corporation (a nonprofit organization), which comprise the statement of financial position as of December 31, 2017, and the related statements of activities and cash flows for the year 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. 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 internal 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 entity’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. 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 Cayuga County Development Corporation as of December 31, 2017, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. ---PAGE BREAK--- Report on Summarized Comparative Information We have previously audited the Cayuga County Development Corporation’s 2016 financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our report dated January 29, 2017. In our opinion, the summarized comparative information presented herein as of and for the year ended December 31, 2016, is consistent, in all material respects, with the audited financial statements from which it has been derived. Respectfully submitted, CUDDY & WARD, LLP Certified Public Accountants Auburn, New York February 2, 2018