The report on the financial audit of the financial statements of Marianas Visitors Authority (MVA) for the years ended September 30, 2009 and 2008 was released recently. The audit was conducted by Burger & Comer, P.C., CPAs.

The auditors expressed an unqualified opinion on the financial statements. No reportable conditions in internal control over financial reporting were identified for 2009. Further, no instance of noncompliance considered material to the financial statements was disclosed by the audit.

The following were the highlights of management's discussion and analysis.

• Pursuant to Public Law 16-32 and Continuing Resolution per Public Law 16-2, the MVA’s budgeted appropriation for fiscal year 2009 is $6,677,609. The budgeted appropriation was reduced by $213,396. The net appropriations for FY 2009 will amount to $6,610,833 further reduced by a 1% allocation for the Office of the Public Auditor (OPA) in the amount of $66,776.
• MVA’s total assets exceeded liabilities at the end of FY 2009 by $185,959 compared to $710,709 and $1,580,455 at the end of FY 2008 and 2007, respectively. Unrestricted net assets for the fiscal years 2009, 2008 and 2007 were $138,959, $642,740 and $1,525,645, respectively.
• MVA experienced a decrease in net assets in fiscal year 2009. This is due primarily to a decrease in appropriations from the CNMI Government.
• MVA received $358,860 of in-kind contributions in 2009. In-kind contributions decreased by
  approximately 30% or $156,439 compared to the previous year.

View/download copy of full report