Port of Brookings Harbor commissioners met Friday night to approve the port’s audit but feared they had lost a $1.5 million Business Oregon grant,
Signe Grimstad, the port’s auditor, was unable to get written confirmation of the grant before Wednesday’s draft audit but commissioners received word Thursday the grant was in place. The loss of the grant would have dealt a severe blow to the port’s finances.
Commissioners approved the final audit with $1.5 million in grant money added.
Commissioners also discussed the SEP-IRA Fix-It Guide. SEP-IRA creates retirement plans with automatic withholding for public employees. According to plan rules, all employees must be offered the plan and all participating employees must have deductions made at the same percentage of their salary.
Port documents indicate some employees in the past had not been offered the plan and others received deductions at different rates. The IRS provides a Fix-It Guide to correct errors in deductions for active and past employees.
The board voted to have a CPA review their plan and deductions and decide what needed to be done to address any shortcomings in retirement pay.
Reach Boyd C. Allen at firstname.lastname@example.org