Assessment Audit Report
Port of Seattle Industrial Development
Corporation
For the period January 1, 2016 through December 31, 2018 







Published (Inserted by OS)
Report No. 1025988

                        Office of the Washington State Auditor
Pat McCarthy
Issue Date – (Inserted by OS)

Board of Commissioners
Port of Seattle Industrial Development Corporation
Seattle, Washington
Report on Assessment Audit
Thank you for the opportunity to work with you to promote accountability, integrity and openness
in government. The Office of the Washington State Auditor takes seriously our role of providing
state and local governments with assurance and accountability as the independent auditor of public
accounts. In this way, we strive to help government work better, cost less, deliver higher value and
earn greater public trust.
The attached report describes the procedures performed and conclusions for the areas we reviewed.
We appreciate the opportunity to work with your staff and we value your cooperation during the
assessment audit.
Sincerely,


Pat McCarthy
State Auditor
Olympia, WA



Insurance Building, P.O. Box 40021  Olympia, Washington 98504-0021  (564) 999-0950  Pat.McCarthy@sao.wa.gov

                       AUDIT SUMMARY
Results in brief
Based on the procedures performed, nothing came to our attention in the areas we reviewed that
caused us to believe the Corporation was not in substantial compliance with applicable state laws,
regulations, and its own policies, or had significant weaknesses in controls over the safeguarding
of public resources. Had we performed additional procedures, other matters might have come to
our attention that would have been reported.

About the assessment audit
This report contains the results of our independent audit of the Port of Seattle Industrial
Development Corporation from January 1, 2016 through December 31, 2018.
Management is responsible for ensuring compliance and adequate safeguarding of public resources
from fraud, loss or abuse. This includes the design, implementation and maintenance of internal
controls  relevant  to  these  objectives.  Local  governments  are  also  required  by  state  law
(RCW 43.09.230) to prepare and submit certified annual reports to our Office summarizing such
things as revenues received, collections made, amounts receivable or payable, expenditures made,
and debt owed.
This assessment audit was conducted under the authority of RCW 43.09.260, which requires the
State Auditor’s Office to examine the financial affairs of all local governments at least once every
three years. Assessment audits are risk-based, limited-scope reviews of small local governments,
generally defined as local governments with less than $300,000 in annual revenues. To help
minimize audit costs, our work for this engagement was conducted off-site primarily using
financial and other information provided by the Corporation.
This assessment audit was limited to the following: 
   Reviewing meeting minutes for compliance with the Open Public Meetings Act.
   Inquiring as to internal controls over assets, revenues, and disbursements.
   Verifying that annual reports submitted to our Office were complete and filed timely in
compliance with state law.
   Reviewing the Corporation’s annual revenues and expenditures for unusual transactions or
trends.
   Corroborating financial information reported by the Corporation by comparing its annual
revenues, expenditures, and cash and investment balances to third-party sources.


Office of the Washington State Auditor                                                                                Page 3

                       Reviewing  expenditures  for  indications  of  unusual  activities,  excessive  Board  of
Commissioners compensation, conflicts of interest, or procurement requirements.
   Evaluating the Corporation’s financial information for indications of financial difficulties. 

















Office of the Washington State Auditor                                                                                Page 4

               INFORMATION ABOUT THE CORPORATION
The Industrial Development Corporation of the Port of Seattle was created in 1982 by the Port of
Seattle’s Board of Commissioners to issue tax-exempt, nonrecourse revenue bonds to finance
industrial development within Port boundaries.
The Corporation is governed by the five Port of Seattle Commissioners. The Corporation loans the
proceeds of the bonds to private companies. It collects fees from these companies for administering
the debt service and periodic refunding of the debt. The Port administers these activities on behalf
of the Corporation. All Corporation records are located at the Port’s offices. The Corporation pays
a fee to the Port for the services it provides.
Contact information related to this report
Address:         Port of Seattle Industrial Development Corporation
P.O. Box 1209
Seattle, WA 98111
Contact:          Debbi Browning, Assistant Director, General Accounting & Business
Telephone:       206-787-3081
Information current as of report publish date.

Audit history
You can find current and past audit reports for the Port of Seattle Industrial Development
Corporation at http://portal.sao.wa.gov/ReportSearch. 








Office of the Washington State Auditor                                                                                Page 5

                 ABOUT THE STATE AUDITOR’S OFFICE
The State Auditor’s Office is established in the state’s Constitution and is part of the executive
branch of state government. The State Auditor is elected by the citizens of Washington and serves
four-year terms.
We work with our audit clients and citizens to achieve our vision of government that works for
citizens, by helping governments work better, cost less, deliver higher value, and earn greater
public trust.
In fulfilling our mission to hold state and local governments accountable for the use of public
resources, we also hold ourselves accountable by continually improving our audit quality and
operational efficiency and developing highly engaged and committed employees.
As an elected agency, the State Auditor’s Office has the independence necessary to objectively
perform audits and investigations. Our audits are designed to comply with professional standards
as well as to satisfy the requirements of federal, state, and local laws.
Our audits look at financial information and compliance with state, federal and local laws on the
part of all local governments, including schools, and all state agencies, including institutions of
higher education. In addition, we conduct performance audits of state agencies and local
governments as well as fraud, state whistleblower and citizen hotline investigations.
The results of our work are widely distributed through a variety of reports, which are available on
our website and through our free, electronic subscription service.
We take our role as partners in accountability seriously, and provide training and technical
assistance to governments, and have an extensive quality assurance program.
Contact information for the State Auditor’s Office 
Public Records requests  PublicRecords@sao.wa.gov 
Main telephone  (564) 999-0950
Toll-free Citizen Hotline   (866) 902-3900
Website  www.sao.wa.gov 



Office of the Washington State Auditor                                                                                Page 6