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LEDC earns clean audit for 2012-2013 fiscal year

A clean audit was accepted by the Levelland Economic Development Corporation board  Wednesday.

The LEDC ended the 2012-13 fiscal year – on Sept. 30, 2013 – with total assets of $6,434,137.

‘Overall it was a good year,’ said Keith Downs, a certified public accountant with the firm of Pate, Downs & Pinkerton LLP.

Total assets included $563,549 in cash in the bank; $245,091 in investments; $618,203 in land; $576,690 in buildings; $4,316,816 for Levelland Industrial Rail Park; and $221,629 for machinery and equipment.

The LEDC had total revenues of $919,967 for the year and total expenses of $711,098.

The audit showed that the organization had an increase in net assets of $208,869 for the year.

Board members accepted the audit without comment.

Shawn Kirkpatrick, LEDC executive director, gave the board an overview of financial statements for December through February.

The organization had $730,411 in cash on hand at the end of February.

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