Auditors Scott Gustafsson and Ira Gonzalez reviewed the findings within the FY25 audit (please see attached documents for detailed information). They noted that none of the findings were major; rather, they consisted of minor items that required correction.

Larry inquired about the adjustments made since the prior pre-reads were distributed for review. Toimeka and Ira provided an overview of the specific adjustments, and Dan and Jovan further clarified several of the differences.

The primary change reflected the removal of Fairley from IOTA’s portfolio. It was also noted that similar adjustments are expected in next year’s audit due to the removal of Kirby and Hillcrest.

Dan shared that the organization remains in a strong financial position, with a solid projected account balance at the close of this fiscal year heading into the next. Scott added that there would be a few additional adjustments made prior to the final submission on Friday, February 13, 2026.

The Board made a motion to approve the audits as presented, with the understanding that minor additional adjustments would be incorporated following the adjournment of the meeting.