Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the District Finance Audit topic
No spam. Unsubscribe anytime.
District auditor issues unmodified opinion; general fund balance above state minimum
Summary
External auditors reported an unmodified opinion on the district's 2024-25 financial statements, noted a general fund balance near 5.1% (above New York's 4% guideline) and said federal single-audit reporting is on hold pending OMB guidance.
Joshua Gowey, manager at Bridal and Grimulia, told the Ravena-Coeymans-Selkirk Central School District Board of Education on Oct. 15 that the firm issued an unmodified opinion on the district's 2024-25 financial statements.
Gowey said the auditor communications, districtwide financial statements and extra-classroom activity financials were included in the board packet. "Our financial statement audit opinion is on the first 3 pages. We issued an unmodified opinion for this year," he said, adding that auditors found no significant journal entries arising from their procedures.
The report noted that management signed a representation letter dated Oct. 15. Gowey said the firm did not identify material weaknesses or significant deficiencies in internal control, though it repeated a compliance finding reported previously: the district's general fund balance exceeded New York State's 4% guidance, at about 5.1% as of June 30, 2025.
Because of the district's federal funding levels, Gowey said a federal single-audit is normally required. "OMB . . . has not issued the guidance on how to audit federal funds yet, as of 06/30/2025. So they've requested that single audit reports not be issued and submitted until they've given us guidance on how they want us to audit those," he said. The firm will coordinate with district staff when the Office of Management and Budget issues its guidance.
Gowey also reported an unmodified opinion on the extra-classroom activity funds, which cover student and club funds.
Why it matters: An unmodified opinion means the independent auditor found the statements fairly presented in all material respects. The board was also told the general fund balance sits above the 4% New York guideline, a recurring but improving item in prior audits. Pending federal audit guidance could delay formal single-audit reporting and any related federal compliance findings.
Board reaction and next steps: Board members asked clarifying questions about the audit reports and were told staff had already signed required management representations. The district will await OMB direction on single-audit procedures and coordinate with auditors when that guidance is available.
