Harrison Memorial Library audit: independent auditor issues unmodified opinion for FY 2023–24

The independent auditor for the Harrison Memorial Library Fund reported an unmodified (clean) opinion on the library’s financial statements for the fiscal year ended June 30, 2024.

Sheldon Chavin, the auditor presenting to the Harrison Memorial Library Board of Trustees, told trustees that “in our opinion, the financial statements referred to above present fairly in all material respects” the fund’s financial position, meaning the audit found no material misstatements, significant deficiencies or material weaknesses.

The audit matters most directly affect the library’s financial credibility: an unmodified opinion signals that the audited statements are reliable for budgeting and public reporting. Chavin said the firm follows generally accepted auditing standards and government auditing standards and that materiality judgments drove the scope of testing.

The report shows relatively small changes from the prior year. Chavin summarized that cash and investments were roughly $1.486 million at June 30, 2024, compared with about $1.474 million a year earlier. Accounts payable rose modestly from about $24,000 on June 30, 2023, to roughly $30,000 on June 30, 2024. Total expenditures for the year ended June 30, 2024, were $415,768, down from $442,714 in 2023; Chavin attributed most of the decrease to lower equipment spending. The audit noted an expenditure variance versus the final budget of $12,868 (over budget), but said revenues also exceeded budget, producing a net positive impact of about $8,000 to the fund balance.

Chavin said auditors evaluated the library’s ability to continue as a going concern for 12 months beyond the report date and found no such concern. He also recommended a modest process change: increased, periodic review by the city’s finance staff. “The recommendation was that [the city] actually get more involved on a monthly or quarterly basis on what’s happening with the financial statements for the library,” Chavin said, adding that the city currently updates its general ledger activity for the library mostly at year end.

Board members asked clarifying questions about the recommendation and whether implementing it would increase audit costs. Chavin said the change would be on the city’s side and would not increase the library’s audit fee.

The trustees did not take formal action on the audit at the meeting; the report was provided for information and discussion.

Looking ahead, Chavin estimated the next fiscal-year audit would normally be presented to the trustees in February 2026, though he said the auditors could accelerate delivery to January if the board wanted an earlier report.

Key figures from the audit are in the auditors’ report and supporting schedules in the board’s packet.