An independent audit of the Beaufort County Economic Development Corporation, a nonprofit that relies almost entirely on taxpayer funding from local government, found the organization had overstated revenue by nearly half a million dollars on financial documents, according to documents reviewed by The Island Packet.
The audit also cited a “material weakness,” or otherwise serious flaw in the corporation’s internal financial controls.
The audit, conducted by Maudlin & Jenkins, covered the 2024-25 fiscal year, concluded that the corporation misstated its finances by overstating its revenue by about $461,000 and understating its liabilities by the same figure…