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Auditors give Florence County School District 3 a 'clean' unmodified opinion for FY23–24; single audits for ESSER and Title I reported
Summary
External auditors presented an unmodified (clean) opinion on the district’s FY23–24 financial statements, reported no material weaknesses or reportable noncompliance, and completed single audits for ESSER and Title I; auditors noted the district is a low-risk auditee.
Florence County School District 3 received an unmodified — commonly called a "clean" — audit opinion for fiscal year 2023–24, an outside audit presenter told the board at its Nov. 20 meeting.
Adrienne Berg, an audit team member with Maldens and Jenkins CPAs, summarized the annual audit and said the auditors identified no material weaknesses or significant deficiencies in internal control and reported "no reportable instances of noncompliance." She also said the district met single-audit requirements and was designated a "low risk auditee" for federal programs tested.
Berg told trustees the district had two single audits this year: ESSER (Elementary and Secondary School Emergency Relief) — which auditors expect to wind down as those funds phase out — and Title I. She explained the federal single-audit threshold and said the district reported roughly $10.9 million in federal expenditures that required testing.
The audit presentation included a five-year view of the general fund showing revenues outpacing expenditures and a fund-balance trend the presenter described as "healthy;" Berg said the district’s fund balance was roughly 44% of expenditures under the presentation’s calculations and that the Department of Education requirement is 8.33%.
Why it matters: an unmodified opinion signals that the auditors found the district’s financial statements present fairly in accordance with GAAP and that there were no material control failures or reportable compliance problems in the fiscal-year work auditors reviewed.
What was said: "You guys received what's called an unmodified opinion," Berg told the board. She also said auditors found no material weaknesses and no reportable noncompliance.
Next step: Berg invited trustees to review the bound financial statements provided at the meeting and to submit questions to district finance staff or the audit team if they need further detail.
(Reporting based on the audit presentation at the Nov. 20, 2024 meeting.)
