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External auditors issue clean opinion on Muscatine Community School District's FY24 financial statements; federal programs audited with no findings
Summary
Bonesack & Frommelt presented the fiscal year 2024 audit summary at the Jan. 13 meeting, reporting an unmodified (clean) opinion on financial statements, no findings in internal control testing under government auditing standards, and no findings in federal single-audit testing for Title I and ESSER programs.
Bonesack & Frommelt auditor Mia Frommelt presented a summary of the Muscatine Community School District's fiscal year 2024 financial audit at the Jan. 13 board meeting.
Frommelt said the audit included three deliverables: (1) the comprehensive bound financial statements, (2) a board communication letter and (3) a controls/efficiency letter. The audit encompassed a financial statement audit, a government auditing standards audit (internal controls and compliance), and a federal single-audit covering major federal programs.
Key findings presented by Frommelt:
- The district received an unmodified opinion on the FY24 financial statements (a clean audit under U.S. GAAP). - Government auditing standards internal control testing produced no findings. - State law compliance testing produced only a few small, typical findings in areas such as certified enrollment and supplementary weighting; auditors described these as common and not systemic. - The federal single audit tested two major programs: Title I and the Education Stabilization Fund (ESSER). Auditors reported no findings in internal control testing or compliance testing for those programs. - The presentation noted the district expended approximately $8,800,000 in federal grants in FY24 (figure cited in the federal audit summary).
Frommelt invited board questions and described the audit report materials and letters that accompany the financial statements.
Nut graf: Why this matters
A clean audit and absence of federal findings indicate the district's financial statements and major federal-program compliance met auditing standards for FY24. Board members acknowledged the finance team's work in producing the materials for audit review.
Ending
The board moved and approved a motion to place the fiscal year 2024 audit on file during the action portion of the meeting; the full audit documents will be retained in district records.
