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Auditor presents FY24 financial audit; board accepts report with standard finding
Summary
The district’s independent auditor presented the fiscal-year audit, reporting an unmodified (clean) opinion, roughly $5 million in federal awards spent in FY24, and a routine internal-control finding related to adjustments. The board approved the audit report.
An independent auditor reviewed Yankton School District 63-3’s financial statements for the fiscal year ending in 2024 and presented a written audit report to the board. The auditor reported an unmodified opinion on the financial statements and described the report’s key sections and schedules.
The auditor highlighted comparative information in management’s discussion and analysis and called out fund-level results. The general fund showed a small decrease in fund balance, while the TLC building project fund showed a planned and expected decrease tied to construction spending. The proprietary funds (food service, concessions, health insurance) showed expected small changes in net position.
The auditor reported that the district spent about $5 million in federal funds in FY24 across numerous federal programs. Because the district spent more than $750,000 in federal awards, it was subject to single-audit testing; the auditor reported no federal-compliance findings from that testing.
The audit included a recurring finding: auditors proposed adjustments to financial statements, which under auditing standards requires reporting an internal-control finding. The auditor characterized this as a common result in government audits of similar size and did not report any concerns that would alter the audit opinion.
The board moved to approve the annual audit report and adopted the report by roll-call vote.
