Lake Norman Charter received a clean audit for the 2023-24 fiscal year, the board heard, after Potter & Company presented an unmodified opinion on the schools basic financial statements and separate unmodified federal and state compliance reports.

"We have issued an unmodified audit opinion" said Eric Smith of Potter & Company, summarizing the bound audit report the board received. Smith told the board the firm also found no instances of noncompliance in the federal or state compliance audits required because the school receives more than $750,000 in federal funding and more than $500,000 in state funding.

The auditor summarized key figures from the June 30, 2024 balance: cash and cash equivalents of about $11.8 million, up roughly $2.3 million from the prior year; investments of just over $2.0 million; and capital assets of $41.7 million covering buildings, equipment and buses. Smith said the school recorded total revenues near $28.2 million and total expenditures about $26.9 million, yielding an increase in fund balance of roughly $1.2 million for the year.

Smith also noted items that appear in the footnotes and disclosures: an outstanding employer retention credit receivable of just over $1 million (a remainder from a prior application), net pension and OPEB liabilities tied to the state retirement plan, and approximately $36.5 million in existing lease and bond obligations on the books. He reminded the board that the new elementary school financing (a bond issue of about $23 million) will appear in next years financials.

Board members thanked auditor Eric Smith and staff for the work. A board member called Haley and Shannon out by name for their assistance during the audit process.

The presentation was informational; the board did not take a formal vote on the audit report during the meeting.