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Independent audit gives Lower Moreland clean opinion; district spent capital reserves on new high school
Summary
Auditor Greg Schenk reported a clean (unmodified) opinion on the district's 2023-24 financial statements and single audit, noted a $20 million planned cash drawdown for capital costs tied to the new high school, and said the general fund remains healthy.
Greg Schenk, partner in charge of the audit, presented the district's 2023-24 audit summary to the board on Nov. 3 and reported an unmodified (clean) opinion on the financial statements and the single audit required for federal funds.
Schenk told the board the audit found the district's financial statements compliant with U.S. generally accepted accounting principles and GASB standards. He said the audit would be accompanied by a SAS 114 letter describing the auditors' procedures and that the auditors were not issuing a management letter under SAS 115 because…
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