Audit on farm development program.
Auditor of State Mary Mosiman today released an audit report on the Iowa Agricultural Development Authority for the year ended June 30, 2013.
The Iowa Agricultural Development Authority reported total revenues of $398,828 for the year ended June 30, 2013, a decrease of 7.4% from the prior year. Revenues included $204,514 from beginning farmer loan program fees, $99,679 from interest income on loans, $73,800 from tax credit program fees and $15,128 from interest income on cash and investments.
Expenses of the Iowa Agricultural Development Authority for the year ended June 30, 2013 totaled $451,254, a 4.6% increase over the prior year, and included general and administrative expenses of $387,724 and direct expenses for the beginning farmer loan program of $57,763. The Authority reported a decrease in net position of $52,426 during the year.
As of July 1, 2013, the Authority became a division within the Iowa Finance Authority.
A copy of the audit report is available for review in the Agricultural Development Division’s Office, in the Office of Auditor of State and on the Auditor of State’s website at http://auditor.iowa.gov/reports/1460-0014-B000.pdf.