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Auditor: Elmwood Park CUSD 401 posts $5.7 million education-fund surplus; issues clean opinion
Summary
Baker Tilly principal CPA Michael Mala told the Elmwood Park CUSD 401 board the district received an unmodified (clean) audit opinion for fiscal 2025 and reported about a $5.7 million surplus in the education fund; auditors noted minor, easily resolved federal compliance observations and recommended continued monitoring of pension and revenue timing.
Michael Mala, principal CPA for Baker Tilly, told the Elmwood Park CUSD 401 Board of Education that the firm issued an unmodified opinion on the district’s fiscal 2025 financial statements and highlighted an approximately $5.7 million increase in the education fund surplus compared with the prior year.
That unmodified opinion — what Mala described as a “clean bill of health” — means the auditors believe the district’s financial statements are reliable for decision-making. Mala said the audit reflects the district’s own accounting and that Baker Tilly’s role is to confirm the numbers meet required standards.
The auditors noted two federal single-audit…
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