RHODE ISLAND AIRPORT CORPORATION CONTINUES TO PERFORM WITH "FLYING" COLORS!
RIAC also thanks the community for supporting T.F. Green during USA Today’s "Top Small Airports" voting period
Note – Corrected to show Bond rating of "A" rather than A-
Warwick, RI – January 15, 2020 - The Rhode Island Airport Corporation (RIAC) is pleased to announce that the State of Rhode Island’s Office of Internal Audit (OIA) with the assistance of external audit firm, CLA, has determined that RIAC is in compliance with the state’s Quasi-Public Corporations Accountability and Transparency Act. The OIA audit, conducted in conformance with the Institute of Internal Auditors International Standards for the Professional Practice of Internal Auditing, also did not reveal any reportable control weaknesses or issues related to RIAC’s concession and parking performance.
"It is a particular point of pride to announce that an independent entity has determined that RIAC is in compliance with the Quasi-Public Corporations Accountability and Transparency Act," said Iftikhar Ahmad, President and Chief Executive Officer of the Rhode Island Airport Corporation. "I want to extend my appreciation for the thorough review and professionalism provided by the Office of Internal Audit, and my sincere thanks to all the professionals within the Rhode Island Airport Corporation for their commitment to excellence!"
This report comes off the heels of two other recent independent reviews at the airport. In the most recent review performed by S&P Global Ratings (S&P) RIAC received a "two notch" upgrade from BBB+ to A with a stable outlook. The report issued by S&P highlighted RIAC’s, "Very strong management and governance, with a good track record of operating the major lines of business and managing risk, as evidenced by improving financial performance, conservative budgeting, and meeting financial targets." Second, in September RIAC received an unmodified, clean opinion from its independent external audit firm, Plante & Moran, PLLC, with no audit findings.
It is this type of commitment to excellence from the RIAC professionals that allows the airport to continue to provide high levels of customer service at T.F. Green Airport allowing it to be nominated as a contender for the nation’s "Top Small Airport" in USA Today’s "Reader’s Choice" awards. RIAC would like to thank the community for all the support during the voting period and looks forward to the announcement of the results on January 24, 2020.
The Rhode Island Airport Corporation was formed on December 9, 1992 as a semi-autonomous subsidiary of the Rhode Island Commerce Corporation to operate and maintain the state's airport system. The powers of the corporation are vested in its seven-member board of directors, all of whom are appointed by the governor. The Rhode Island Airport Corporation is responsible for the design, construction, operation and maintenance of the six state-owned airports; and the supervision of all civil airports, landing areas, navigation facilities, air schools and flying clubs. In addition to T. F. Green Airport, the Rhode Island Airport Corporation is responsible for five general Rhode Island Airport Corporation 2000 Post Road, Warwick, Rhode Island 02886
aviation airports throughout the state: Block Island, Newport, North Central, Quonset and Westerly. For more information visit RIAC at https://www.pvdairport.com/