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GVB audit lists discrepancies

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Auditors didn't find any material weaknesses when reviewing the finances of the Guam Visitors Bureau; however they did find some discrepancies.

According to a report issued by the Guam Office of Public Accountability agent services and fees exceeded the agreed amount per contact when invoiced, $21,000 in cash and checks were not deposited timely, there was no board approval available to support $240,000 in sponsorships, and $1.2 million of in-kind donations were not timely recorded and there was no acknowledgment receipt of $718,000 in in-kind donations.

The report also noted that GVB closed Fiscal Year 2018 with an increase in its net income by $1.7 million, additionally operating expenses increasing minimally by 3.8 percent.

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