Citizen Portal
Sign In

External audit gives WJCC unmodified opinion; GASB 101 restatement ~$10.5M

Williamsburg-James City County School Board · December 17, 2025
Article hero
AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

Cherry Beckert auditors presented unmodified opinions on WJCC financial statements for year ended 6/30/2025, reported no material weaknesses or fraud, and said implementation of GASB 101 required a beginning-balance restatement of about $10,500,000.

Cherry Beckert auditors told the Williamsburg-James City County School Board that the division’s fiscal-year 2025 financial statements received unmodified opinions and that auditors found no material weaknesses or indications of fraud.

Zach LaMorta, audit manager with Cherry Beckert, said both the district financial statements and school activity fund reports were issued with the strongest audit opinion and that the firm noted no noncompliance with government auditing standards. He highlighted that the schools implemented GASB 101 during the year, which resulted in a restatement of beginning balances of approximately $10,500,000; GASB 102 had no material effect, the auditors said.

Auditors described common school-activity fund recommendations — continued training for bookkeepers and stronger segregation of duties where principals and bookkeepers perform overlapping cash-handling tasks — but emphasized these items did not rise to material weaknesses. They also said they performed limited nonattest services (assistance with activity-fund schedules and GASB implementations) and reported no independence or ethical concerns.

Board members thanked audit staff for the work and asked no substantive follow-up questions during the presentation. The board received the audit and applauded the district finance team for the result.

The board did not vote to adopt substantive changes to accounting policy during the meeting. The administration noted that upcoming GASB pronouncements (GASB 103 and 104) will be monitored and discussed with schools and management as they take effect.