It appears a forensic audit of the Richmond Olympic Oval is underway.
The Richmond News has learned the city has asked an external auditor to examine expenses and expense reporting of both management and the board of directors at the city-owned facility going back to 2012.
Among other investigations, the audit will look into whether there’s been any fraudulent activity during this time and whether there were any questionable transactions.
Richmond city spokesperson Clay Adams told the News the city “routinely” does audits and reviews of its operations and subsidiaries, but they don’t comment on them.
The city did not confirm or deny the audit.
The Richmond Olympic Oval is owned by the City of Richmond but it runs as a separate corporation, governed by a board of directors.
The sole shareholder is the city which appoints the board of directors.
The Oval was built for the 2010 Olympics as a speed-skating venue and then was converted into a multi-purpose recreational facility.
The Oval doesn’t pay property taxes to the City of Richmond and this year, it will be subsidized to the tune of $3.5 million by the city, which was approved by city council. It also receives funding from the Games Operating Trust to the tune of $3.2 million.
Expenses are budgeted this year at about $8.4 million for programs, about $5.6 million for facility operations, about $630,000 for marketing and about $3.7 million for administration/finance.
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