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Romulus schools receive clean audit as finances show improvement, auditor flags accounting standard change
Summary
Gaybridge and Company presented an unmodified (clean) audit for Romulus Community Schools for the year ending June 30, 2025, noting improved net position and a noncash accounting adjustment under GASB Statement No. 101; a federal single-audit filing remains pending because of a delayed OMB compliance supplement.
Gaybridge and Company told the Romulus Community Schools Board of Education on Nov. 24 that the district27s financial statements for the year ending June 30, 2025, received an unmodified, or "clean," opinion.
"In our opinion, the financial statements present fairly, in all material respects, the financial position of the school as of 06/30/2025," auditor Joe Veil said while presenting the district27s fiscal-year audit. Veil called a clean opinion the "gold standard" and thanked district staff for providing verifiable documentation.
The audit also included an "emphasis of matter" tied to a new Governmental Accounting Standards Board rule. Veil said GASB Statement No. 101 changed how…
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