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Board accepts 2024–25 external audit; auditors report no material weaknesses
Summary
The Fayetteville-Manlius Central School District Board accepted the 2024–25 external audit after a presentation from the district's external auditors, who reported a clean (unmodified) opinion and no material weaknesses. The board moved and approved acceptance at the meeting.
The Fayetteville-Manlius Central School District Board of Education on Oct. 6 accepted the district's 2024–25 external audit after a presentation by the district's external auditors.
Mark Chiarelli, a partner with Grossman St. Amore CPAs, told the board the auditors issued an unmodified (clean) opinion on the district's financial statements and noted no material weaknesses. Chiarelli said the auditors found no difficulties in performing the audit, no uncorrected adjustments, and no disagreements with management. He summarized district highlights, including about $2.7 million in increased property tax revenue, roughly $20.2 million in capital outlay expenditures related to ongoing projects, and a reduction in federal expenditures of about $472,000 attributed primarily to the winding down of American Rescue Plan funds.
Chiarelli outlined the audit scope and the required reporting on major federal programs, saying the district received an unmodified compliance report on its major program (the IDEA special education cluster). He also described the traditional, modified opinion auditors issue on extra-classroom activities because of limitations auditing cash receipts, and said FM’s processes showed no management alert comments. The auditor advised submission timing for federal filings that depend on guidance from the Office of Management and Budget.
After questions from board members about OMB submission timing and the nature of the modified opinion for extra-classroom activities, Board members moved to accept the audit. The motion to accept the 2024–25 external audit report as presented was moved by Anne (board member) and seconded by Dan (board member). The board voted in favor and accepted the audit report.
The board packet contains the full financial statements, management’s discussion and analysis (pages 4–12 of the packet referenced in the presentation), basic financial statements (pages 13–18) and approximately 40 pages of notes; the auditor noted footnote 1 discusses qualitative accounting practices and that GASB 101 implementation (compensated absences) occurred this year.
The acceptance completes the board’s review step required to finalize the audit letter and submit required state filings; Chiarelli said representations and the auditor’s letter will be dated the meeting date once the board accepts the statements.
