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Richfield board accepts clean audit, notes timing issue on single-audit and one late payment
Summary
The Richfield School Board accepted the district's 2024'25 audit, which included a clean opinion, a $1.7 million accounting adjustment for compensated absences under new GASB guidance, a delayed federal single-audit due to OMB guidance timing, and one Minnesota compliance finding for a late vendor payment.
The Richfield School Board voted Dec. 15 to accept the district's 2024'25 audit after a presentation by auditors from LB Carlson. Auditor Bill Lauer said LB Carlson issued an unmodified (clean) opinion on the district's financial statements for the fiscal year ended June 30, 2025.
Lauer told the board the audit included three headline points: a delay in issuing some single-audit work for federal awards (the district receives more than $750,000 in federal awards…
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