A recently released accounts payable audit of the NextGen Aviation Research and Technology Park in Egg Harbor Township, New Jersey, included seven questioned costs, the Press of Atlantic City reports.
Auditors highlighted instances in which generally accepted accounting principles were not followed, and revealed that invoices were being credited in the NextGen park's cash account instead of the accounts payable one. They also found that Internal Revenue Service reporting requirements were not followed by the project, which, although it was once touted as a $300 million investment, has since stalled.
"Right now, I can't determine whether or not (the district) will get the full value out of it," said John Sabella, an accountant with the auditing firm brought in to conduct the AP audit, as quoted by the news source. He likened the project to building a house, questioning, "Is that house still worth the money you put into it if you can't finish it?"
According to the park's website, the site has the capacity to accommodate 400,000 square feet of lab and support space and the park could create more than 2,000 new, high-skilled jobs once fully operational.
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