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Auditor: Mustang Public Schools’ FY24 audit shows no material federal findings, notes GAAP reporting difference
Summary
Independent auditor Chris Gullickson presented the district’s fiscal year 2023–24 audit, reporting an adverse opinion limited to GAAP presentation (district uses state regulatory basis), no internal control findings, an unmodified opinion on major federal programs (child nutrition) and a $168,403 due to/from related to ESSER coding.
Chris Gullickson of Bledsoe, Hewitt & Gullickson presented Mustang Public Schools’ fiscal year 2023–24 audit to the Board of Education and summarized key findings, including an adverse GAAP opinion tied to the district’s regulatory basis of reporting and no material findings on internal control or federal program compliance.
Gullickson told the board the audit included “2 different opinions…an adverse opinion, with respect to GAAP accounting,” because the district prepares financial statements on the state‑prescribed regulatory (cash) basis rather than full GAAP. He added that “this is no different than it's always been for Mustang” and that many Oklahoma districts use the same presentation.
The auditor said the internal control and compliance report contained no findings that rose to inclusion in the audit and that the federal schedule of expenditures of federal awards (SEFA) produced an unmodified opinion on major federal programs. “There were no findings that made it in the audit itself,” Gullickson said. He noted that major federal testing this year focused on child nutrition programs and that those programs received an unmodified opinion.
Gullickson flagged a coding/transfer technical matter: a due to/from of $168,403 tied to ESSER‑funded claims that had been recorded in the general fund rather than the building fund; the audit treats that amount as a due to/from and the district recorded a correcting transfer in the new fiscal year. He also summarized operating‑fund totals: about $122,000,000 in revenues and about $120,000,000 in expenditures for the year, with carryover in the general fund rising to approximately $12.2 million, roughly 10% of revenues.
The auditor recommended the district consider implementing a fixed‑asset system to record and depreciate capital assets, noting that only a few large districts in Oklahoma currently maintain depreciable fixed asset registries. Gullickson praised district staff for cooperation during the audit and called the report “a really good audit” aside from routine coding variances.
Board members did not take formal action on the audit during the meeting. Gullickson and the superintendent said they would respond to expected state inquiries about OCAS reporting differences and that many variances were immaterial or already corrected.
Ending — The audit will be filed with the state; district staff said they will continue to work with auditors and the OSDE to reconcile reporting differences and consider system improvements such as fixed‑asset tracking.
