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Downers Grove GSD 58 board accepts FY2024 audit, adopts policy updates and approves fees and furniture purchases
Summary
The Downers Grove GSD 58 Board of Education accepted an unmodified opinion on its fiscal year 2024 financial statements, received audit findings and corrective-action commitments, adopted updated policy language and a capital reserve policy, approved school fees for 2025–26 and authorized referendum furniture purchases totaling $485,513.42.
The Downers Grove GSD 58 Board of Education on Jan. 13 accepted the district's fiscal year 2024 audit, adopted policy updates and a new capital reserve funding policy, approved 2025'26 school fees and authorized referendum furniture purchases totaling $485,513.42.
Auditor Todd Drayfall told the board the audit ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' says the main objective is to "provide an opinion on the financial statements" and that the firm issued an "unmodified clean opinion," the highest level of assurance the auditors can give.
The audit report and accompanying management letter identified one "significant deficiency in regard to capital asset reporting" and two control deficiencies related to coding of federal and state aid receipts and single-audit sampling for ESSER III expenditures, Drayfall said. He told the board the district submitted corrective-action plans with the single-audit package and the auditors will follow up next year.
Superintendent Dr. Russell thanked the audit team and business office staff and described steps the business office is taking to address the findings, including improved capital-asset spreadsheets, monthly monitoring and additional training for building-level staff to ensure purchase-order closeouts and proper grant reporting.
Votes at a glance
- Accepted fiscal year 2024 audit as presented: passed (roll call recorded as Member Harris; Member Olshin; Member Weiner; Member Doshi; Member Hannes; Member Hughes — all "Aye"). - Adopted PRESS issue updates (01/17) and new capital reserve funding policy: passed (roll call recorded as Member Weiner; Member Joshi; Member Hannes; Member Harris; Member Olshick; Member Hughes — all "Aye"). - Approved 2025'26 school fees as presented: passed (roll call recorded as Member Olczyk; Member Weiner; Member Doshi; Member Hannes; Member Harris; Member Hughes — all "Aye"). - Approved referendum middle-school and elementary-school furniture purchases from Henriksen at a total cost of $485,513.42: passed (roll call recorded as Member Olczyk; Member Weiner; Member Doshi; Member Hannes; Member Harris; Member Hughes — all "Aye").
What auditors found and the district's response
Drayfall told the board the audit included the annual financial report, the AFR filing to the Illinois State Board of Education (ISBE), the independent auditors report under Government Auditing Standards and a single-audit package because the district expended more than $750,000 in federal funds. He said two new GASB statements were effective but had no material effect on the district's financials for FY2024.
On the capital-asset deficiency, the auditors said some capital expenditures had been recorded to noncapital object codes; the district reported it will use spreadsheets to track capital projects, spread costs correctly and reconcile with appraisal schedules during fieldwork. On federal/state revenue coding, the auditors said amounts were posted to the general ledger but in incorrect account numbers and the district will reclassify and correct reporting going forward.
Additional financial items noted at the meeting
- The treasurer reported the district was awaiting the second installment of the state's transportation claim, described in the meeting as about $636,640, which had not been received as of the last update. - The auditors noted an outstanding IRS penalty and late filings that the district and its attorneys are addressing.
Context and next steps
Board members asked the business office for timelines. District staff said they are already adjusting processes: allocating capital costs now that major referendum projects are underway, training building secretaries on PO closeout procedures and tightening grant-reporting pulls so reported expenditures reflect actual payments rather than open purchase orders.
The board voted on the audit and the other items during the Jan. 13 meeting; auditors said they will test corrective actions in next year's fieldwork.
Ending note: The board also approved the consent agenda, accepted minutes, and scheduled future meetings to continue budget, legislative and referendum planning.
