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Riverhead board accepts unmodified audit, approves series of routine contracts and appropriations
Summary
Trustees accepted an unmodified opinion from external auditors on the 2023-24 financial statements and approved a series of routine contracts, MOAs, field trips and donations at the Oct. 15 meeting; the federal grants audit remains outstanding and is expected by Thanksgiving.
Alan Walther, a partner at the Bonadio Group, told the Riverhead Central School District Board of Education on Oct. 15 that his firm will issue an unmodified opinion on the district—s 2023-24 financial statements, the highest level of assurance. He said the auditors found no internal control or compliance findings and summarized the district—s financial position: a total fund balance of $41,000,000, with $26,000,000 in reserves and $7,800,000 unreserved, representing about 3.87% of the budget and within New York State—s 4% fund-balance limitation.
Walther said the audit of federal grants remains to be completed and is anticipated by Thanksgiving; that review is due by March 31 to the relevant state authorities. After the presentation, trustees voted to accept the annual financial statements and the…
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