Limited Scope Performance Audit Uptown Columbus

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Internal auditor Donna L. McGinnis presents findings and recommendations from the audit authorized by City Council, highlighting financial performance and operational efficiency at Uptown Columbus, Inc. The report covers historical records, leadership changes, revenue tracking, maintenance issues, and seasonal sales impact, with a focus on responsible leadership and future outlook.

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Uploaded on Feb 18, 2025 | 0 Views

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Presentation Transcript

Limited Scope Performance Audit Uptown Columbus, Inc. Presented by: Donna L. McGinnis, CPA, CFE Internal Auditor/Compliance Officer 1

Audit Authorization 2 The audit was authorized by City Council on January 3, 2023.

Audit Scope 3 During site visits, processes were reviewed both within the Finance Department and at Uptown Columbus, Inc. Historical point of sale records, tax filings, insurance binder, remittances, maintenance & repair records, and lease agreements and addendums were reviewed at both offices.

Audit Findings 4 During the 10-year agreement, Uptown Columbus, Inc. has been led by 3 different Presidents, and the monthly reporting, remittance and compliance varied under each leader. While all equipment was newly purchased at the execution of the agreement, as years went by, there had been deferred maintenance from mid-2017 until March of 2020. Current President Mr. Ed Wolverton has been attentive to maintenance issues, and has brought them forward to councilors, seeking authorization to utilize designated reserves. Prior to March of 2020, there had been more sporadic remittances, with 3 to 4 checks received in most years, with each check covering 3 to 4 months of activity. Under Mr. Wolverton s leadership, we receive monthly remittances each month, for the prior month, two weeks after the month has ended.

Audit Findings (continued) 5 Seasonality has an impact upon sales activity at both the rafting and zip- line venues. Peak activity occurs in the summer months, with less activity in the spring, and a significant decline in the winter months. There were dates where weather conditions did not allow for activity, and the venues were closed for two months at the onset of the COVID-19 pandemic. Holidays such as Thanksgiving and Christmas did not have activity.

Audit Recommendations 6 Current leadership of Uptown Columbus, Inc. is performing responsibly, both in terms of revenue sharing under the lease agreement,and is addressing maintenance and needed repairs at the Chattahoochie River Park. The lease agreement is currently due for renewal, and base upon audit observations & findings, Uptown Columbus, Inc. can be expected to continue their responsible performance in the months and years ahead.