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RSU 14 audit returns unmodified opinion; auditors flag timeliness of student/extracurricular deposits
Summary
Auditors from RHR Smith & Company presented a clean (unmodified) audit for RSU 14 for year ending June 30, 2025, noting a roughly $600,000 increase in fund balance and no federal or state compliance findings. The report includes one repeat management recommendation on timely deposits of student/extracurricular funds.
Ron Smith of RHR Smith & Company presented RSU 14’s annual financial statements and delivered an unmodified opinion for the year ending June 30, 2025, saying the district’s financial reports fairly present the district’s position.
Smith told the board the audit was unusually challenging because the federal compliance supplement for programs tied to about $4 million in federal spending was finalized late; despite that delay, his team found no federal or state compliance findings. “No federal compliance findings. No state compliance findings,” he said.
The audit shows the district’s fund balance grew by about $600,000 from 2024 to 2025. Smith credited revenues coming in higher than budgeted and expenses generally running under budget, including special education and regular instruction savings that reduced the amount of reserves the district needed to use.
The presentation included one management recommendation repeated from prior years: improve the timeliness of cash deposits for monies collected through classroom and extracurricular activities. The finance committee’s report earlier in the meeting had echoed that concern as it relates to student activity funds.
Committee materials and the auditor’s remarks also noted the middle‑school construction project is on schedule and under budget and that projections on bond interest show 75% of proceeds will go to the state revolving renovation fund with 25% retained by the district for the project.
The board asked no substantive follow‑up questions of the auditor in public. Smith closed by thanking district staff for their cooperation and wishing the board happy holidays.
