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Auditor: Iredell-Statesville Schools receives unmodified opinion; federal sign-off delays final issuance
Summary
External auditors presented the district's 2024-25 financial audit as an unmodified opinion and reviewed fund-balance trends. The audit remains in draft pending required federal sign-offs on federal awards; auditors do not expect the financial numbers to change.
Anderson Smith & Wike partner Shannon Denison presented the Iredell-Statesville Schools 2024-25 financial audit at the board's Oct. 13 meeting, reporting an unmodified opinion and laying out fund-balance movement during the year.
Denison said the audit report remains in draft because required federal documentation that applies to audits of federal funds has not yet been signed at the federal level.
"As soon as that gets signed, we'll be able to release audits," Denison said in the meeting. She added, "We don't anticipate any numbers changing. The only changes we anticipate are going to be the date of issuance."
Key findings and figures - Audit opinion: unmodified ("clean") opinion — the highest-level auditor conclusion. - General fund: ending fund balance of roughly $6.9 million; the district used about $2.1 million during the fiscal year. - Capital outlay: the district spent roughly $2.62.7 million, leaving an ending capital balance near $7 million. - Child nutrition: cash increased by approximately $136,000, with an ending cash balance around $5.3 million. - Child care: the fund spent about $94,000 and ended with roughly $1.5 million in cash.
Denison told the board the audit team identified no financial statement findings and no disagreements with management. She noted a new reporting item required by accounting standards: the value of accumulated sick leave must now be disclosed (an estimate that is common across districts this year).
Board members asked how to interpret fund balances. Denison and other auditors said there is no state-prescribed percentage for school boards; the answer depends on local circumstances, the district's plans, and the degree of reliance on state revenue. The auditors observed that many districts used fund balance after the end of ESSER funding cycles.
What happens next The auditors will finalize the report after the required federal sign-off and provide final bound copies to the district. The board discussed but did not vote to accept the audit at this meeting because the report remains in draft pending federal clearance.
Direct quotes in this article come from the meeting transcript of the Oct. 13 board meeting and are attributed to the speakers who made them in open session.
