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Auditors give Richland Middle College unmodified opinion; fund balance rose $367,000
Summary
Auditors from Martin & Smith reported an unmodified opinion on Richland Middle College's fiscal-year-'25 financial statements and a positive assessment of internal controls; the unassigned fund balance increased by $367,000 year over year, the firm told the board Dec. 10.
Richland Middle College's board heard Dec. 10 that independent auditors issued an unmodified opinion on the school's fiscal-year-'25 financial statements and found no material weaknesses in internal controls.
Mister Ken Martin of auditing firm Martin & Smith told the board the firm followed generally accepted auditing standards and governmental audit standards to reach its conclusion. "We're able to give you an unmodified opinion on the financial statements," he said, and added that the audit work included tests of assets, liabilities, revenues and expenses as well as a review of internal control procedures.
The auditors reported a year-over-year increase in the school's general fund balance of $367,000. Martin said the school's unassigned fund balance as of June 30 was reported in the meeting materials and read aloud as "right at 1,500,000.0." He also told the board that, as a pattern over several years, the district has bolstered its fund balance through revenue growth and expense control.
Prestige's fiscal report, presented earlier by Miss Britney Sloan, supplied supporting operating details the board reviewed alongside the audit: Sloan reported salary and benefits running at roughly 67% of total revenue, operating cash of about $107,000 and designated cash reported as approximately $1,400,000. She also identified a single accounts-payable item tied to an Ameris invoice of about $3,400. Sloan stated the meeting transcript phrase for days cash on hand as "3 22" with a trailing 12-month figure read as "3 11," and said those figures exceed the recommended 60-day benchmark.
Board members asked for clarification about the scope of an audit opinion versus a broader assessment of financial health. Martin said the unmodified opinion speaks only to whether the financial statements are fairly presented; he offered an additional, non-audit assessment of the school's financial posture, noting revenue rose about 9% over the prior year and the fund balance performance was a positive trend.
The auditor invited further questions and did not raise any required corrective actions. The board had no additional follow-up during the meeting.
The board is scheduled to meet next on Jan. 14, 2026.
