Audited Financial Statements

Financial statements indicate an organization’s financial performance over a selected period. DART, for example, prepares its financial statements as of the end of its fiscal year. Financial statements include revenues, expenses, net income, assets and liabilities, and cash inflows and outflows.

Audited financial statements, including the Annual Comprehensive Financial Report and our retirement plan audits,  have been examined by a certified public accountant (CPA). The CPA ensures the statements are materially accurate and comply with Generally Accepted Accounting Principles (GAAP) and, in DART’s case, standards issued by the Governmental Accounting Standards Board (GASB).

Quadrennial Performance Audit

Every four years, DART engages an outside firm with transit agency audit experience to:

• Evaluate information that state and local officers need to perform their oversight responsibilities

• Recommend actions DART could take to improve its operations’ efficiency and effectiveness

Each performance review examines one or more functional areas of DART, its compliance with applicable state law, and several key performance indicators. The functional areas are administration and management, transit operations, and transit system maintenance, and each one must be included at least once every third audit (12 years).