GEDA's assets decreased in 2011
The Guam Economic Development Authority may have received a clean audit, but the agency closed Fiscal Year 2011 with a decrease in net assets of $287,000.
By KUAM Newsby Nick Delgado
Guam - The Guam Economic Development Authority may have received a clean audit, but the agency closed Fiscal Year 2011 with a decrease in net assets of $287,000. Revenues also decreased by 5% while expenses increased by 12%. According to an audit released today by the Guam Office of Public Accountability, GEDA remains concerned about the collectability on its loans, specifically funds provided by the Guam Development Fund Act and Agricultural Development Fund.
Combined these programs have $2.5 million in loans of which only less than a half million dollars or 18% are deemed collectible.