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USD 475 accepts FY24 audit; auditors note one procurement lacking documented bids
Summary
Varney's auditors presented a clean FY24 audit for USD 475 and the board voted to accept it, while the auditor flagged one expenditure over $20,000 paid to Gov Link LLC that did not have a documented bid. The district's unencumbered cash and federal expenditures were also detailed.
The USD 475 Board of Education voted to accept the district's fiscal year 2024 financial audit after a presentation by Varney's auditors on Dec. 2.
April Swartz of Varney's told the board "there were no adjustments to the financials," and said the firm issued an unmodified opinion under the KMAG regulatory basis. Swartz walked trustees through the audit package and noted the district began the year with $118,824,908, collected $222,582,000 in receipts, expended $171,368,000 and ended with reconciled unencumbered cash reported in the audit materials.
The auditors also reviewed federal activity and testing. Swartz said the district's federal expenditures totaled $40,004,064 and that audit testing included impact aid and Title I. The report highlighted two new debt issuances during the year'a $30,000,000 lease-purchase and approximately $3,400,000 in new computer leases'and noted timely payments on outstanding debt.
While the audit was otherwise clean, Swartz said the governance letter included one control exception from a disbursements test: "there was an expenditure that was over $20,000 that did not have any bidding." The auditor named the payee as Gov Link LLC and said staff were unable to find a bid document for that payment; the finding was described in the governance letter as a reminder to follow local procurement policy for purchases over the $20,000 threshold.
Board members asked for clarification about the single exception; legal counsel and staff said they had followed the legal advice they had received. After discussion, a trustee moved to accept the audit as presented; the motion passed unanimously.
The board also heard a brief explanation of how activity and agency funds are presented in the back of the audit binder and were shown the district's investment and CD balances. Swartz reminded the board that certain project funds (including a Fort Riley project described in the audit) are held as agency balances and therefore are backed out of the district's available cash figures.
The board accepted the audit and asked administration to follow up on the procurement reminder in the governance letter.
