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External audit: district receives unmodified opinion; federal funding decline driven by ESSER expiration
Summary
External auditor reported an unmodified (clean) FY25 opinion, no internal control findings, an emphasis-of-matter related to GASB 101, and a roughly $30.9M decrease in intergovernmental (federal ESSER) revenue; the federal single-audit report remained pending due to delayed federal guidance.
Mia Frommelt, partner at the district’s auditing firm, presented the FY25 audit summary and told the board the financial statement audit received an unmodified (clean) opinion, the highest level of auditor assurance. She said the audit included an emphasis-of-matter paragraph addressing GASB 101 — a new accounting standard that changed how Iowa districts record compensated absences under government auditing standards.
On internal controls and…
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