The auditor for Cordova CPAs told the Gadsden Independent School District Board on Jan. 9 that the district’s fiscal year 2024 financial statements received an unmodified (clean) opinion and that the district’s single-audit programs also received unmodified opinions.

The presentation, delivered remotely by Bobby Cordova of Cordova CPAs, summarized the audit period (July 2023–June 2024), the timeline for fieldwork and exit conferences, and key financial highlights, including a large increase in cash and investments tied to a bond issue and an almost $10 million increase in state capital grants.

Cordova said the district complied with the state audit submission deadlines and the New Mexico Audit Act requirement to present the audit in a public meeting. He warned that federal reporting tied to the audit remained due by Jan. 21 and said his firm would assist with that filing.

Cordova described the firm’s scope and findings: no disagreements with management, no misstatements detected that required a qualified opinion, and standard GAAP conversion adjustments because the district maintains modified cash-basis records for operational reporting. He also identified three areas where the auditor recommended corrective actions: IT general controls, the cash-disbursements transaction cycle, and the financial-close process. The district provided a corrective-action plan, Cordova said.

On program audits, Cordova said the largest federal funding source audited was education stabilization (COVID-relief) funds, which comprised roughly 74% of federal dollars for the district in FY24; the student nutrition program was another audited program. Both received unmodified opinions.

Cordova recommended continued investment in cybersecurity and attention to local school-site collections and fundraising procedures. He flagged roughly $45 million in unspent bond proceeds as of June 30, 2024, and noted a roughly $63 million income-statement effect tied to liabilities discussed in the audit.

Board members asked clarifying questions about foundation bank fees and whether school sites were following procedures for collections and fundraising. Cordova said he had seen sporadic nonadherence at other districts and offered the reminder as a best-practices note rather than a formal finding.

The board thanked Cordova and asked staff to link the auditor’s presentation to the meeting materials on the district website.