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External auditors give Greendale School District a clean opinion, note fund-balance shortfall
Summary
External auditors issued an unmodified opinion on the district’s fiscal 2024 financial statements but recommended the district address a small shortfall against its fund-balance policy target (15%). Auditors reported a net change in fund balance of roughly -$1.54 million for the year.
Vaterbach and Eamon auditors told the Greendale School District board they issued an unmodified (clean) opinion on the district’s fiscal year 2024 financial statements and reported no audit disagreements or internal-control weaknesses, while recommending a minor adjustment to the district’s fund-balance policy target.
Brad Porter, the auditor overseeing the engagement, said the firm issued an unmodified opinion for the year ended June 30, 2024, and had no disagreements with management under auditing standard SAS 114. He said the district’s management letter contained a single current recommendation regarding the district’s fund-balance policy: the district’s target of 15% of the following year’s budget put the district about $247,000 short of the policy as of the audit.
Porter also highlighted the district’s net change in fund balance for 2024, reporting a reduction of approximately $1,540,000 for the year; he said that variance was within management’s expectations and that line-item budget detail was available in the audit report. He told the board auditors identified two prior recommendations that management had addressed and that the firm found no new internal-control weaknesses.
Finance staff and board members discussed the numbers. Jonathan (district finance staff) and Marissa Jank (district accountant) were thanked by Porter for their cooperation; Marissa was singled out by the superintendent for having handled substantial year-end work despite being new in position.
Porter described the required communications auditors provide at audit close: an SAS 114 letter documenting any audit disagreements (none in this case), the annual financial report with the independent auditor’s report, and the management letter noting recommendations and responses. He said the fund-balance recommendation had a management response and a proposed management plan.
A board member asked whether the fund-balance shortfall affected the audit opinion; Porter said it did not, and described the disclosure as a transparency measure tied to the district’s own policy. The board did not take formal action on the audit at the meeting; the auditors’ documents were distributed for review.
