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Audit: Altoona Area SD posts no audit findings; fund balance grows about $3.7 million
Summary
The district’s external auditor reported no audit findings and said the general fund balance increased by roughly $3.7 million for the fiscal year ended June 30, 2024. The auditor also noted about $26 million in federal expenditures and a single-audit review of roughly $13 million in COVID-era education stabilization funds.
Auditor Dave Scott presented the district’s annual financial reports and told the Altoona Area School District board there were no audit findings for the fiscal year ended June 30, 2024.
Scott said the general fund balance stood “a little over $35,000,000” on that date and that the statement of revenues, expenditures and changes in fund balance showed about a $3,700,000 increase for the fiscal year. He described the single-audit process required for entities with significant federal expenditures and said the district’s federal spending was “a little over about $26,000,000.”
Scott said the team performed a comprehensive examination of roughly $13,000,000 tied to the Education Stabilization Fund (COVID carryover). He said there were no audit findings from that work but that the auditors issued a management letter with “some minor issues” for the district to address.
Board members and the auditor thanked the district business office staff for providing documentation for the audit. No board action or new financial policy was proposed during Scott’s presentation.
