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DC Prep board accepts clean FY25 audit; auditors note federal paperwork delay
Summary
Vanessa told the board auditors issued an unmodified (clean) opinion for fiscal year 2025; the network reported $73.2M in revenue, $66.3M in expenses and a $12.9M increase in net assets, and said final federal‑fund testing was delayed by an OMB document timing issue tied to the federal shutdown.
DC Prep’s finance team presented an audit for fiscal year 2025 that auditors rendered an unmodified (clean) opinion on, and the board voted to accept the report on Nov. 20.
"The most important takeaway is that the team at CPAs has issued an unmodified or clean opinion on our financial statements," Vanessa said, and reported total revenue of $73,200,000, expenses of $66,300,000 and an increase in net assets of $12,900,000.
Vanessa told the board a federal timing issue delayed finalizing the portion of the audit related to federal funds because auditors awaited a document from the Office of Management and Budget (OMB). She said auditors had used a draft of the OMB guidance and did not expect the final document to change the substance of the work; the network and its lenders have been notified and the Public Charter School Board (PCSB) deadline for filing has been adjusted.
Dan Feynau, chair of the audit committee, said the audit conversation was routine and raised no outstanding issues. The board moved and approved the audit report by roll call.
The board did not vote on any material adjustments or qualifications at the meeting; Vanessa said the team remains in contact with PCSB and lenders about final timing.
