GEDA can improve advertising and tracking QC money
January 01, 2019 / Tamar Celis
A performance audit by the Office of Public Accountability recommended that the Guam Economic Development Authority do a better job of advertising and tracking community cash contributions from companies that get tax breaks through Qualifying Certificates. The audit, released Monday, found that of 20 Qualifying Certificates in fiscal 2017, 14 required cash contributions, and there was "a lack of monitoring of certain cash contributions." In addition, because GEDA had wide discretion over the use of the contributions, it allocated $2.2 million, or 73 percent, of the money for its own marketing and economic development work. Changes to the Qualifying Certificate program were made late last year after the Pacific Daily News reported that GEDA has kept, for its own use, most of the contributions paid by current certificate holders.