Auditors give Mifflin County Academy a clean opinion; district contributions bolster fund balance

Dan Bradley of the audit firm presented the audited financial statements for the year ended June 30, 2025, and said the auditors issued “an unmodified or a clean opinion.” He walked the board through the statements, highlighting several key figures: a total net position reported at $2,407,000; the Academy’s net investment of $2,872,000; and a deficit in unrestricted net assets of negative $465,000.

Bradley told the board the Academy reported an increase in net position of $760,514 during the year, which he said was mainly the result of revenues from Mifflin County School District in excess of operating needs. On the governmental fund balance sheet he said the general fund fund balance was $3,040,390, of which roughly $2,998,000 was unassigned and available for Academy use. He noted the total fund balance was $3,981,000, with $941,000 reserved for capital projects.

Bradley also explained that significant disclosures in the report relate to long-term liabilities — net pension and other post-employment benefit obligations — and that the presentation differences between the fund-basis and government-wide statements account for some of the variance between fund balance and net position. He pointed the board to the management discussion and analysis prepared by Mr. Wagner and invited questions; he said the internal control and compliance report contained no findings for the year ended 06/30/2025.

Board members asked clarifying questions; Bradley repeated that the positive year was “primarily because the support from Mifflin County School District.” The board did not record substantive follow-up action beyond accepting the presentation and the usual approvals that followed later in the meeting.