{"id":2381769,"date":"2024-12-19T08:04:02","date_gmt":"2024-12-19T13:04:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/no-finance-director-contributed-to-woes-at-global-transpark-audit-washington-examiner\/"},"modified":"2024-12-19T08:05:45","modified_gmt":"2024-12-19T13:05:45","slug":"no-finance-director-contributed-to-woes-at-global-transpark-audit-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/no-finance-director-contributed-to-woes-at-global-transpark-audit-washington-examiner\/","title":{"rendered":"No finance director contributed to woes at Global TransPark: Audit &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fno-finance-director-contributed-to-woes-at-global-transpark-audit-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2381769&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Teh\u200d content discusses an audit concerning the global TransPark, revealing\u2064 that no \u2063finance director played a part in the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/indonesia-to-tighten-rules-for-crypto-exchanges-ensure-more-local-control\/\" title=\"Indonesia to tighten rules for crypto exchanges, ensure more local control\">financial issues faced<\/a> by the organization. The report aims \u2063to clarify the administrative challenges and \u2062highlights the absence of\u200c blame on specific financial leadership \u2062within the institution. This data is part\u200d of a broader conversation on accountability and management within financial structures. Additional details might potentially be found by accessing further information or resources\u2063 related to the audit.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">No finance director contributed to woes at Global TransPark: Audit<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1915752\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square) &ndash; Inadequate internal controls, including review procedures, that would have ensured accurate financial reporting are cited in an audit of the North Carolina Global TransPark by the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democratic-legislator-praises-gop-auditor-for-quick-review-of-st-louis-schools-washington-examiner\/\" title=\"Democratic legislator praises GOP auditor for quick review of St. Louis schools - Washington Examiner\">state auditor&#038;rsquo<\/a>;s office.<\/p>\n<div class=\"article-paywall\">\n<p>The report covers the fiscal year ending June 30. The absence of a finance director since February 2022 was cited by state Auditor Jessica Holmes&rsquo; report as the primary culprit for the deficiencies found.<\/p>\n<p>In a Dec. 12 response from Global TransPark Authority Executive Director Preston Hunter, the hiring of a finance director took place Aug. 26. Langston Ramseur, holder of a Master of Public Administration, is now on board.<\/p>\n<p>Hunter also wrote that a contingency plan for staff vacancies would be generated before June 30 next year, and procedures for year-end review of financials would be addressed.<\/p>\n<p><a href=\"https:\/\/www.auditor.nc.gov\/documents\/reports\/financial\/fin-2024-8530\/open\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The audit says<\/strong><\/a>:<\/p>\n<p>&bull; &ldquo;Capital-related accounts were overstated by $7.3 million because expenditures were incorrectly capitalized and related to prior year activity that was already recorded.&rdquo;<\/p>\n<p>&bull; &ldquo;Operating revenues were overstated by $7.6 million because nonoperating revenues were misclassified and lease income was recorded in the wrong fiscal year.&rdquo;<\/p>\n<p>&bull; &ldquo;Cash accounts were misclassified by $1.2 million because year-end presentation adjustments were not calculated correctly.&rdquo;<\/p>\n<p>&bull; &ldquo;Salaries and benefits were overstated by $896,000 because supplies and services expenses were misclassified, and a year-end journal entry was not recorded correctly.&rdquo;<\/p>\n<p>&bull; &ldquo;Leases receivable and the related deferred inflows were understated by $553,000 because lease agreements were not properly evaluated and recorded.&rdquo;<\/p>\n<p>&bull; &ldquo;Additional audit adjustments were required to correct misstatements in the financial statements, notes to the financial statements, and required supplementary information.&rdquo;<\/p>\n<p>The Global TransPark bills itself as a &ldquo;world-class, 2,500-acre multimodal, industrial and business park.&rdquo; An 11,500-foot runway and 33,000-square foot composite training center are anchors.<\/p>\n<p>Originally three decades ago, the park was intended for <a href=\"https:\/\/amzn.to\/3YuVZYV\">air cargo transport infrastructure<\/a> and manufacturing facilities. Things didn&rsquo;t work out, a new vision was hatched, and the&nbsp;<a href=\"https:\/\/www.ncgtp.com\/Pages\/default.aspx#\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>aviation and aerospace industry as well as nearby military installations<\/strong><\/a>&nbsp;are benefactors.<\/p>\n<p>Hunter, native of Lenoir County and former engineer with the state Department of Transportation, was named the park&rsquo;s executive director in February 2022 and has announced his retirement effective at the end of the year. He&rsquo;s worked for state government more than 33 years.<\/p>\n<p>Jeremy Stroud, from nearby Snow Hill and deputy director, was announced last Thursday as his successor. He has 18 years with the department.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1915752\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1915752\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Audit reveals no finance director caused issues at Global TransPark<\/p>\n","protected":false},"author":1,"featured_media":2381770,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/money-istock-dollars-income-1024x683.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[4261,10680,47102,32076],"class_list":["post-2381769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-audit","tag-finance","tag-global-transpark","tag-washington-examiner"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/money-istock-dollars-income-1024x683.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2381769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2381769"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2381769\/revisions"}],"predecessor-version":[{"id":2381773,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2381769\/revisions\/2381773"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2381770"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2381769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2381769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2381769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}