MPLT 2014 and 2013 Financial Audit
MPLT FISCAL YEARS 2014 AND 2013 FINANCIAL STATEMENTS ARE ACCURATE AND FAIRLY PRESENTED
(The following summary is based on the independent auditor’s report prepared by Ernst &Young and does not constitute an audit report. Please visit OPA’s website for the full audit report.)
The independent auditor (Auditor) reported that the Marianas Public Land Trust’s (MPLT) financial statements for the fiscal years 2014 and 2013 are accurate and fairly presented. The Auditor did not identify any weaknesses in MPLT’s internal controls or instances of noncompliance with laws, regulations, contracts, and grant agreements that may affect its financial statements. MPLT has consistently maintained clean opinions on its financial statements.
MPLT was formed on January 9, 1978, pursuant to the ratification and adoption of the Constitution of the CNMI and the Covenant to Establish a Commonwealth of the Northern Mariana Islands in Political Union with the United States of America (the Covenant). The Initial funding source for MPLT was also established within the Covenant where lease terms for the following properties were made available to the U.S. Government to carry out its defense responsibilities.
- Approximately 7,203 hectares on Tinian Island for $17.5 million
- Approximately 72 hectares at Tanapag Harbor on Saipan Island for $2 million
- Approximately 83 hectares encompassing the entire island of Farallon de Medinilla for $20,600
The purpose of MPLT is to receive and manage all monies (principle) from the leasing of public lands by the Department of Public Lands. MPLT is responsible for making prudent investments of the principle and is required to only distribute the returns on those investments to the Commonwealth General Fund. MPLT is also responsible for carrying out the intention of Article VIII, Section 803(e) of the Covenant, by establishing a separate trust fund for the development and maintenance of the American Memorial Park.
Financial Statements and Supplementary Information-View
Last Updated 6/8/2015 6:16:42 AM