UNION COUNTY — The Union County Board of School Trustees received an audit report for the 2014-2015 fiscal year during Monday night’s meeting.
District Finance Director Lynn Lawson introduced Lesley Kelly — a partner with the CPA firm of McGregor & Company — to board members. Kelly discussed the audit report for the fiscal year that ended June 30, 2015.
Kelly said the audit process was very smooth, and the official report and financial statements were completed on Oct. 30, 2015, which is the earliest date of completion in many years. She attributed the smooth process and timely completion date to the excellent staff of the school district’s finance department and the cooperation that the auditors received throughout the process.
Kelly began a review of the statements by pointing to a letter titled “Independent Auditors’ Report.” The letter discussed the responsibilities of the auditors and management, and it presented the firm’s official opinion of the financial statements and results. Kelly highlighted that the firm had issued an “unmodified opinion,” which is issued when financial statements give a true and fair view and the audit is in accordance with all requirements.
“The basic translation is that it’s a ‘clean’ opinion of the district’s financial statements and financial management,” Lawson said.
Kelly also discussed some of the key financial reports in the audited statements, and new balance sheet reporting requirements were highlighted. She called attention to the district’s fiscal year 2015 general fund operations results, which added $444,756 to the operating fund balance and increased the total fund balance to $1,895,059.
Kelly explained that the positive operating result is critical to the financial health of the district and is a testament to the budgeting and financial management of the school district.
Next, she discussed federal grant funding received by the district and additional testing that takes place to verify compliance with the regulations of such special programs. The district was found to be compliant with those regulations and reporting standards as well.
The final portion of Kelly’s presentation included the reporting of any “findings or questioned costs,” and the report indicated no findings, questioned costs, or non-compliance issues to be reported.
“I am very pleased with the audit report and encouraged by the positive financial results for fiscal year 2015,” Lawson said. “I appreciate and echo Ms. Kelly’s compliments. I believe that we have a knowledgeable, long serving, and conscientious team that tries, every day, to do the right thing with the local, state, and federal resources that we are entrusted to manage.”
Derik Vanderford can be reached at 864-762-4128 or email@example.com.