Sun Prairie Area School District reports full compliance on asset management; highlights capital fund and insurance practices
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Summary
Superintendent Brad Saron and Director of Business and Finance Phil Frey told the Board of Education the district met all 20 measures under Operational Expectation 7 (asset management), and reviewed Fund 46 capital reserves, remaining 2019 referendum funds, and insurance procurement and coverage.
At a board meeting, Sun Prairie Area School District Superintendent Brad Saron and Phil Frey, the district's director of business and finance, reported that the district met all 20 measures under Operational Expectation 7, Asset Management. "Out of 20 areas of compliance we're reporting the 20 are in compliance," Saron said.
The district presented the report to the Board of Education to document safeguards for district property and financial assets and to outline ongoing capital planning. Phil Frey said the OE 7 review covers property insurance, errors-and-omissions insurance, protections against employee theft, maintenance of electronic files and fixed-asset records, and the safety of district facilities. "We bid out our insurances last year," Frey said, noting insurance procurement and consultant support.
Officials described several specific practices and resources the district uses to manage assets. The district maintains a long-term capital investment account (commonly referred to as Fund 46) to set aside year-end funds for long-term capital needs; the district annually presents a 10-year long-term capital maintenance plan to the board, typically in April or May. The report also noted that some funds remain from the April 2, 2019, referendum and that projects funded from that referendum still require board approval.
Frey said the district tracks documentation such as facilities maintenance logs, technology backups, and insurance summaries as "artifacts" supporting the 20 compliance measures. He said the district works with an insurance consultant, R and R, on workers' compensation, property and liability insurance, and that the total for those coverages exceeds $1 million. The district also monitors cyber-insurance coverage and meets industry standards for such policies.
The presentation stressed statutory and policy limits on certain actions: investments are managed according to state statute and board policy, and the district does not sell land without proper authority. The OE 7 report also notes that one expectation is that the superintendent avoid actions that would harm the district's public image.
No motions or votes were recorded in the transcript excerpt of this presentation. Frey closed by inviting questions at the next public meeting: "If you have any questions, you can, for sure ask us on Monday night," he said.
