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Auditor gives Asbury Park schools a clean opinion, outlines $17 million fund balance and one finding
Summary
An external audit presented an unmodified (clean) opinion for Asbury Park Board of Education financial statements as of June 30, 2024, outlined a roughly $17 million fund balance broken into reserves, and reported one nonmaterial finding about state school aid documentation.
An independent auditor told the Asbury Park Board of Education on Feb. — that the districtreceived an unmodified (clean) opinion on its financial statements for the year ended June 30, 2024.
The auditor highlighted the districthad a total fund balance of about $17,000,000, broken out in the audit as roughly $1.1 million in capital reserve; about $485,000 in a maintenance reserve; about $501,000 in an emergency reserve; an "excess surplus" of about $1,690,000 (auditor later gave a precise figure of $1,693,279); about $10,900,000 assigned/designated for prior-year use; roughly $120,000 shown as coverage of the year end; and about $2,200,000 unassigned.
The auditor also described the districtas subject to single-audit…
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