Pennridge auditor says district will receive clean opinion for 2023–24

The Pennridge School District's independent auditor said the firm expects to issue unmodified, or "clean," audit opinions on the district's financial statements for the year ended June 30, 2024.

Tim Sawyer of Barber King Thornton told the district's Finance Committee on March 10 that the audit fieldwork began in October and has run through March. "We are prepared to issue unmodified or clean audit opinions on your opinion units," Sawyer said, referring to governmental and business‑type activities, major funds and the Schedule of Expenditures of Federal Awards.

Sawyer told the committee that expanded testing of expenditures uncovered no issues with internal controls and that the firm did not identify material weaknesses or significant deficiencies. He also said the district's single‑audit testing of its major federal program, the special education cluster, produced no compliance findings. "Based on our auditing procedures, we are not aware of any fraud or legal acts here at the district," Sawyer said.

The presentation noted changes in the district's balance sheet compared with the prior year: cash and cash equivalents held steady around $18 million, investments declined from about $48 million to $37 million as capital projects drew cash, receivables rose from about $3.3 million to $4.3 million (which Sawyer described as timing issues), and capital assets, net of depreciation, increased by roughly $6 million due mainly to construction‑in‑progress tied to multiple projects including work at the high school, middle school parking, an operations garage, an energy project, campus signage and elementary renovations.

On the liability side, accounts payable decreased modestly to about $4.6 million, accrued salaries rose to about $17 million and long‑term debt decreased from roughly $40.1 million to $27.7 million, reflecting scheduled principal payments. The auditor noted the district's net deficit on the government‑wide statement decreased from about $19.3 million to roughly $5.5 million.

Sawyer said the data‑collection form for the Federal Audit Clearinghouse will be filed by the March 31 deadline and the required single‑audit reporting package will be sent to the state. He said the supplemental information reviewed by the auditors was consistent with the financial statements. The board was told the formal audit document will be delivered to the district when finalized and that the audit is an informational item to be received by the board rather than a voting item.

Board and staff speakers praised the finance team after the presentation. The committee chair said the audit report would be shared with the full board once received.

The committee did not take any formal vote on the audit report during the meeting; auditors typically present and the board later takes the audit report on record.