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External auditor reports strong finances for Eastport-South Manor; GASB 101 raises reported compensated-absence liability
Summary
An external audit presented Dec. 10 found Eastport-South Manor Central School District in generally good financial condition but required a reporting change under GASB 101 that increased recorded compensated-absence liabilities by roughly $2,000,000; auditors also cited a double-A S&P rating and favorable borrowing premium.
Jill Sanders of audit firm Cullinan Danowski told the Eastport-South Manor Central School District Board of Education on Dec. 10 that the district's 06/30/2025 audit reflects required accounting changes and overall fiscal strength. "This was the completion of our audit for 06/30/2025," Sanders said as she reviewed the report provided to trustees.
Sanders said the district implemented GASB 101 for reporting compensated absences. "Now under GASB 101, the number is much larger," she…
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