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Independent auditors give Glen Ellyn SD 41 an unmodified opinion; management letter notes implementation items
Summary
Auditors issued an unmodified (clean) opinion on the district’s fiscal 2024 financial statements, reported strong fund balances and reserves, and included a management letter with implementation items and two new accounting standards to adopt.
An independent audit presented to the Glen Ellyn School District 41 board on Dec. 16 issued an unmodified opinion on the district’s fiscal year 2024 financial statements and described strong overall fund balances, but the auditors also listed accounting and reporting items for the district to address.
Matt Baron, identified in the meeting as a partner with the accounting firm Lauterbach & Amen, told the board the firm issued an unmodified opinion — the highest level of assurance the auditors provide — and found the numbers in the report to be materially correct and in compliance with government accounting standards. He summarized key figures: the district’s total fund balance was about $48 million across all funds, with the general fund roughly $42 million. The district reported an increase of about $6 million across all funds for the year; the general fund showed about $11 million in operating income with roughly $7 million transferred to the operations and maintenance (O&M) capital fund. Baron said reserve ratios were strong, reporting total reserves at roughly 78% and the general fund at roughly 88%.
Baron said auditors found no current internal-control findings and no new internal-control recommendations, which he described as a clean bill of health for the district’s internal control framework. The management letter did, however, call out two new accounting standards the auditors will help the district implement and listed several prior recommendations with status updates. He noted funds-over-budget items were immaterial, citing transportation at about $13,000 and a small overage in debt service; in addition, the O&M fund had shown a negative balance in the past year but the district had initiated transfers to address it.
The board accepted the fiscal year 2024 audit as part of the consent agenda vote later in the meeting. Board members and the auditor praised district staff for timely cooperation: Baron said the audit report was issued before the Dec. 15 deadline despite organizational changes in district office staffing.
