The audited financial statements of the Marianas Visitors Authority (MVA) for the year ended September 30, 2008 were released. The audit, conducted by Burger & Comer, P.C., showed that in-kind contributions received from the private sector to support MVA's marketing initiatives increased from $218,842 in 2007 to $515,299 in 2008.

OTHER FINANCIAL HIGHLIGHTS

• Pursuant to Public Law 15-28 and Continuing Resolution per Public Law 16-2, the MVA’s budgeted appropriation for fiscal year 2008 is $6,046,317. The budgeted appropriation was reduced by $72,632 per Public Law 16-2 Reduction. The net appropriations for FY 2008 will amount to $5,973,685 further reduced by a 1% allocation for the Office of the Public Auditor (OPA) in the amount of $60,545.

• MVA’s total assets exceeded liabilities at the end of FY 2008 by $710,709 compared to $1,580,455 and $875,990 at the end of FY 2007 and 2006, respectively. Unrestricted net assets for the fiscal years 2008, 2007 and 2006 were $642,740, $1,525,645 and $797,690, respectively.

• MVA experienced a decrease in net assets in fiscal year 2008. This is due primarily to a decrease in appropriations from the CNMI Government.

• MVA received $515,299 of in-kind contributions in 2008. In-kind contributions increased by approximately 42% or $296,457 compared to the previous year.

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