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Audit of City Stars finds no material modifications but flags accounting and governance issues
Summary
An independent audit presented to the Jonesboro Finance Committee found City Starsfinancial statements required no material modification for the audit period, disclosed a shared bank account and accounting treatment for field rentals with Arkansas Revolution FC, and prompted committee members and public commenters to call for improved financial
An independent audit of City Stars, the nonprofit youth sports organization that uses Jonesboro parks, found no material modifications were required for the organization's financial statements for the period through Dec. 31, 2024, but the auditor told the Jonesboro Finance Committee on June 24 that the group's accounting and governance practices warrant clarification and improved transparency.
Melissa Harrison, audit partner with Thomas Bay Noble, presented the report and said the audit used the cash basis of accounting and did not require material changes to the financial statements. Harrison said the organization's only material asset on the cash-basis balance sheet was cash of $82,003.46 and that the audit showed a change in net assets of $16,354 for the period reviewed.
Harrison described a notable accounting arrangement involving field rental charges and Arkansas Revolution FC (the travel-soccer entity named in the audit). She told the…
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