Elwood auditors give district a clean opinion; technology risks flagged, fund balance falls $1.25 million

An external audit of the Elwood Union Free School District for the year ended June 30, 2025, returned an unmodified opinion, district officials reported at the Board of Education meeting Oct. 20. The independent review found no material weaknesses or significant deficiencies in internal control.

The district's business official reported that total fund equity decreased by about $1,250,000 from roughly $11.8 million to $10.6 million between June 2024 and June 2025. The district's unassigned general-fund balance at year end was reported as $3,100,000, which the presenter said equals 4% of the 2025–26 budget; New York State recommends a 4% maximum.

Why it matters: a clean external audit affirms the district's financial statements and accounting controls, while the decline in fund balance and use of reserves affect long-term borrowing costs and budget flexibility.

The board received details of both the external audit (financial statements) and an internal risk assessment performed by R.S. Abrams & Company that…