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Richland 1 presents clean audit and CAFR; board approves FY24-25 report unanimously
Summary
CFO Sherry Matthews Hazel and external auditors reported an unmodified audit opinion and that the district maintained a 10% emergency fund; the board voted unanimously to approve the annual comprehensive financial report.
The Richland 1 Board of School Commissioners voted unanimously on Dec. 9 to approve the district’s 2024–25 Annual Comprehensive Financial Report (CAFR) after CFO Sherry Matthews Hazel and external auditors presented results showing a strong financial position.
Sherry Matthews Hazel told the board the district ended FY24-25 maintaining the required 10% emergency fund balance and assigned resources for instructional needs, staff recruitment and capital projects. She said the district submitted the draft annual report to the state by Dec. 1 and would present the single-audit portion in January.
An external auditor from Mauldin and Jenkins reported an unmodified (clean) audit opinion in draft form and said there were no material weaknesses or compliance issues identified in the audit work to date. The auditor noted GASB 101 (compensated absences) as an item noted in the report, said there were no audit entries posted and no difficulties with management, and that the firm did not intend to issue material weaknesses when the report is finalized.
The board asked routine audit questions. Commissioner Devine asked whether any new accounting standards applied (the auditor cited GASB 101) and whether there were audit entries or management difficulties; the auditor replied there were none and thanked the finance team for cooperation.
Chair Robert Lomenak called for a vote after the presentation; the motion to approve the CAFR passed unanimously.
What’s next: The single-audit portion will be completed and posted in January 2026. The administration said the CAFR and related materials will be submitted for national awards (GFOA and ASBO) and that a written summary of the 90-day entry plan is posted on the district website.
