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Auditor gives Edwardsburg Public Schools an unmodified opinion; finds material weakness and reports large pension liability
Summary
The district's external auditor delivered the 2024 audit, issuing an unmodified opinion on the financial statements while identifying a material weakness in internal control and a significant net pension liability that produced an unrestricted deficit. The board accepted the financial report by voice vote.
The external auditor for Edwardsburg Public Schools presented the district's 2024 financial statements and management's discussion and analysis, issuing an unmodified opinion on the financial statements while noting several findings the board must address.
The auditor told the board the implementation of GASB 101 (a new accounting pronouncement for compensated absences) affected the statements. The presentation highlighted an unrestricted deficit of approximately 31,200,000 and a…
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