Republic School District gets “clean opinion” in audit

By: 
Steve Chapman

District receives best possible result from annual review
 
The Republic R-3 School District received an unmodified or “clean” opinion in an audit of the district’s finances for Fiscal Year 2020. An unmodified opinion is the best possible rating that can be received in an audit.
Rebecca Baker, from KPM CPAs and Advisors, the accounting firm which performed the audit, delivered the firm’s findings to the Republic School Board during their meeting Thursday, Dec. 17.
Besides speaking about the district receiving an unmodified opinion, Baker also spoke about the balances of the district’s funds. The General Fund, she said, had gone up $1.044 million for a new balance of $13.6 million, with 28.52-percent in reserves, an increase from previous amount of 26.78-percent in reserves the previous year. Baker also said the Debt Services Fund had decreased by $2.8 million, due to the district refinancing some bonds and also paying off $3 million in bonds.
 Finally, Baker said, the Capital Projects Fund was $3.6 million, an increase of $1.6 million.
Baker also told the board that KPM performed a federal compliance audit, which is required when a government body spends more than $750,000 in federal funds (the district spent $4.2 million in federal funds during the 2020 Fiscal Year). For the audit, the firm tested 40-percent of the district’s federal funds, specifically the Child Nutrition Cluster and the Education Stabilization Fund. However, Baker said, the firm had no findings to report in their audit.
During her presentation, Baker also told the board that KPM had also performed a state compliance audit for DESE.
“Every year, DESE provides us a list called the Schedule of Selective Statistics, and they want us to look at the district’s source documents, from information that they’re receiving,” Baker said. “So, they’re receiving information on the district’s attendance, transportation, that sort of thing, and a lot of your funding is based on this information, so they want us to make sure that the information we have here is what they actually are receiving. So we audit that information and make sure that it is in agreement. If we had any findings, we would also report that here and the state would get a copy of our audit.”
Again, Baker said, there were no findings to report.
Baker ended her presentation with some “general recommendations” regarding cyber security; she also praised the district’s staff, whom she described as “very helpful.”
 
 

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Lawrence County Record

312 S. Hickory St.
Mt. Vernon, MO, 65712
www.lawrencecountyrecord.com

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