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Spartanburg School District 1 audit: independent firm issues clean opinion; fund balance up
Summary
An independent audit for fiscal year 2024 issued an unmodified ("clean") opinion and found no material weaknesses or noncompliance. Auditors highlighted a roughly $20 million general‑fund balance, required single‑audit testing of federal programs and upcoming GASB changes.
An independent audit of Spartanburg School District 1 for the fiscal year ending June 30, 2024, returned a clean opinion, the district heard during its special call meeting.
Brian Nicholson of Mauldin & Jenkins told the board the firm “did issue an unmodified opinion or a fancy accounting word for clean opinion,” and reported no material weaknesses, significant deficiencies or instances of noncompliance uncovered during the audit. The audit team said it performed single‑audit testing because the district expended more than the federal threshold and reviewed Title I, the special education cluster and ESSER funding.
The auditor presented a five‑year look back of the general fund and noted an increase in total fund balance for 2024. Nicholson described total fund balance as about $20,000,000 and said net change in fund balance was approximately $3,400,000. He also noted a slide that referenced $22,000,000 in total fund balance; the auditor described these dollar figures as approximate presentations in the slide deck.
Nicholson said the district implemented GASB 100 for accounting changes and error corrections this year and that the implementation had no material effect on the financial statements; GASB 101 (compensated absences) will take effect next year. He told the board the audit engagement was completed in accordance with generally accepted auditing standards and government auditing standards and that the firm maintained independence throughout the engagement.
Miss Brady, the district finance presenter, provided the audit packet to trustees and introduced the auditor. An audit‑committee member reported the committee reviewed the audit on Nov. 25 and had no additional recommendations.
Next steps noted during the meeting included ongoing monitoring of federal program compliance and public presentation of the audit report. No formal corrective actions were reported, and the board acknowledged the district’s staff for their cooperation in the audit process.
