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Bolivar R‑I Board accepts clean FY24‑25 audit, hears fund balances and two management recommendations
Summary
KPM CPAs presented an unmodified (clean) opinion on Bolivar R‑I’s FY24‑25 financial statements; the board approved the audit. Presentation included fund balances (general, debt service, capital projects), $7.9M in restricted capital‑project proceeds from a 2024 bond, and two management recommendations on cybersecurity controls and upcoming GASB changes.
Wayland Mueller, a manager with KPM CPAs, told the Bolivar R‑I Board of Education the district’s FY24‑25 financial statements receive an unmodified (clean) opinion and can be relied upon as a fair presentation of the fiscal year. The board voted to approve the audit.
Mueller said the district ended the year with roughly $19.23 million in cash and investments across funds: about $6.1 million in the general fund, $1.56 million in debt service, and approximately $11.56 million in the capital projects fund. He noted roughly $7.9 million of the capital projects balance is restricted, tied to unspent proceeds from the district’s 2024 bond issue.
KPM CPAs flagged two management recommendations. The first, a routine recommendation to many audited districts, addressed cybersecurity and internal controls around disbursements — for example, safeguards to reduce the risk of fraudulent changes to vendor bank details or unauthorized wire transfers. Mueller said such incidents are uncommon but can involve large sums and are hard to recover once funds are sent. The second recommendation concerned upcoming reporting changes under GASB Statement 103, which will expand management discussion and analysis and require additional budget‑to‑actual variance columns beginning in the 2025–26 fiscal year.
Mueller also explained the federal single‑audit portion was not included in the bound report because final OMB compliance guidance for 2025 had not been released at the time of the presentation; the firm has performed the work and will submit the federal programs report once the guidance is finalized.
Director of Finance and HR Chelsea Aberdame thanked the audit team and noted staff’s extensive preparations. The board approved the FY24‑25 audit by voice vote.
