Guilford audit shows unmodified opinion and no findings for sampled federal and state programs
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Summary
External auditors from Forvis/Mazars delivered an unmodified opinion on the 2024 financial statements and reported no findings in the sampled single-audit areas (including COVID relief, special education clusters and selected state programs); auditors noted trends in federal funding and upcoming accounting standards.
April Bell, audit partner with Forvis/Mazars, presented the Guilford County Schools annual comprehensive financial report and single-audit results for the year ending June 30, 2024.
Bell said the firm issued an unmodified opinion on the financial statements and reported no findings for the sampled federal programs (including the COVID-19 education stabilization fund and the special education cluster) or the state programs audited this year. She summarized the audit's two components: the financial statement audit and the single-audit compliance reviews.
On highlights, Bell said the district experienced increases in federal funding in FY24 (noting an $8 million rise in USDA funding and a $42 million increase in education stabilization funds) and showed a net income of about $2.8 million in the school food service fund. She also reviewed fund-balance trends and said the district's unassigned and available-for-appropriation balances have been relatively consistent over recent years.
Bell advised board members of upcoming accounting standard changes that will affect future audits (disclosure of concentrations and a revised financial reporting model) and explained that the federal single-audit threshold has risen from $750,000 to $1 million, which may change future audit coverage. Board members asked questions about the methodology and sample testing; Bell said the firm updates methodology periodically and that the team changed engagement leadership this year.
The audit presentation closed with an offer to answer follow-up questions and to provide the full ACFR, which is available online and to board members.