Penncrest audit yields clean opinion; general fund posts $1.87 million improvement
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Summary
External auditors issued a clean opinion on Penncrest’s 2024–25 financial statements, reporting total general fund revenues of $61.64 million, expenditures of $59.47 million and a net positive change of about $1.87 million; the food service fund showed an operating loss and the single‑audit child nutrition cluster test produced no findings.
External auditors reported a clean audit opinion for the Penncrest School District for the fiscal year ended June 30, 2025, and summarized key fund balances and program results during the Jan. 12 meeting.
Steve Falk of the auditing firm (named in the meeting) told the board the district’s governmental funds showed total assets of $30,182,000, liabilities of $11,860,000 and a total fund balance of $16,835,000. "A clean opinion," Falk said, summarizing the firm’s conclusion on the financial statements.
On the revenue side, the general fund recorded $61,640,000 in total revenues and $59,469,000 in expenditures, producing a positive change in fund balance of $1,874,000. Falk noted the food service (proprietary) fund had operating revenues of about $180,000 against operating expenses of about $1,836,000, resulting in an operating loss of roughly $1,647,000; the auditor explained that the shortfall reflects the program’s reliance on federal and state subsidies tied to meals served.
The auditors performed a single‑audit because the district expended more than $750,000 in federal funds. The child nutrition cluster was selected for testing and yielded no findings, Falk said. He also reported no material weaknesses or significant deficiencies in the financial statement audit.
Board members had no additional audit findings to discuss during the meeting; the audit draft was placed on the meeting materials and referenced again when the board considered consent items.