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Lincoln Way District 210 auditors issue clean FY24 opinion, report $34.3 million general fund balance
Summary
Auditors told the Lincoln Way Community High School District 210 board the district received an unmodified (clean) opinion for fiscal year 2024, reported a $9 million fund-balance increase and a general fund balance of $34.3 million; auditors noted one management comment on capital-asset budgeting.
Lincoln Way Community High School District 210 received an unmodified (clean) audit opinion for fiscal year 2024, auditors told the board at its Nov. 21 meeting.
"It was a pretty uneventful audit this year," said a district representative introducing auditors, and Katie Napier, the partner in charge, told trustees the audit supports that characterization by issuing a clean opinion on the district's cash-basis financial statements.
The audit presentation showed an increase in fund balance of approximately $9,000,000 during fiscal 2024 and a total general-fund balance of $34,300,000 as of June 30, 2024. The educational account—Lincoln Way's main operating account—ended the year with a $28,100,000 fund balance; about $25,800,000 of that was unassigned and available for district uses. Revenues in the educational account totaled about $129,000,000 and expenditures about $125,000,000, yielding a $4,000,000 excess for the year.
Auditors described the district's estimated financial profile score as 3.7, a designation of "recognition" that reflects improvement from earlier years. The auditors said the district's educational account represents about 3.8 months of fund balance under the calculation used in the profile, and they noted a principal reduction in long-term debt during the year.
The single-audit review of federal programs found no material weaknesses, significant deficiencies or findings; the district expended about $3,800,000 in federal funds in 2024 and the auditors tested the special-education cluster as the major program ($1,800,000 in federal funds in that cluster).
Auditors flagged one management-comment item related to capital assets and budget presentation (an oversight in transferring certain on-behalf TRS amounts when the board amended the budget). District staff said this was a form/filing issue rather than an operational breakdown and that they will address it in upcoming budget work.
The audit presentation closed with auditors thanking district bookkeeping and leadership staff for cooperation during field work and noting the district's steady improvement from a prior watch-list status several years ago.
The board received the audit presentation and had no further action at this meeting; staff said the audit and related documents will continue to be available in board materials and discussed during the December meeting for any final questions.
