Independent audit finds Nelson County schools’ financial statements receive unmodified opinion

An independent auditor told the Nelson County Board of Education on Feb. 25 that the district’s 2024 audit received an unmodified opinion and contained no findings requiring formal written reporting.

Tammy Patrick of Patrick & Associates, the district’s auditors, summarized the firm’s review of internal controls, cash, capital assets, debt, payroll, food service and student activity funds. “We issued an unmodified opinion,” Patrick said during the presentation, describing that as “the highest opinion that you can have.”

Why it matters: An unmodified opinion indicates auditors could not identify material misstatements in the district’s financial statements. The board heard details about where year-over-year changes occurred and which balances are restricted for specific uses.

Key figures presented to the board: the auditor said the district’s net position increased by about $4,000,000 for the fiscal year; the fund balance increased by about $20,000,000, most of which Patrick said is held in the construction fund as bond proceeds earmarked for projects. The general fund, which covers day-to-day operations, had a smaller increase — about $900,000 — and most of that was unassigned and available for operational use.

Patrick said auditors test a sample of transactions and evaluate federal program compliance; the firm did not report audit findings that would require written findings or management letters at the level that would trigger corrective actions.

Board members and staff thanked the auditor and district finance staff for preparation and recordkeeping. The board did not take any fiscal action at the presentation; the audit was distributed to members electronically prior to the meeting.