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Audit Audit of the Fall River Line Pier, Inc. (FRLP)

The audit found FRLP made payments to companies in which board members had undisclosed financial interests, made expenditures that were not in support of the organization’s mission, and did not collect outstanding balances from tenants in a timely manner. The audit examined the period of January 1, 2016 through December 31, 2018.

Organization: Office of the State Auditor
Date published: June 11, 2020

Executive Summary

In accordance with Section 12 of Chapter 11 of the Massachusetts General Laws, the Office of the State Auditor has conducted a performance audit of Fall River Line Pier, Inc. (FRLP) for the period January 1, 2016 through December 31, 2018. In this performance audit, we determined whether FRLP properly administered its financial activities related to non-payroll expenditures and accounts receivable during the audit period.

Below is a summary of our findings and recommendations, with links to each page listed.

Finding 1a
 

FRLP paid $121,874 to companies in which three FRLP board members had a financial interest; the board members did not properly disclose their relationships with the companies.

Finding 1b
 

FRLP paid its board members $17,125 in reimbursements, and made a $2,500 charitable donation, that were not related to its mission.

Finding 1c
 

FRLP’s board of directors did not take action to collect accounts receivable.

Recommendation
 

FRLP’s board of directors should establish policies and procedures related to its financial activities, including conflicts of interest, travel, donations, and accounts receivable.

 

A PDF copy of the audit of the Fall River Line Pier, Inc. is available here.

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