EPIC board accepts FY24–25 audit; auditors report no material findings and note short‑term loan
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Summary
The EPIC One on One Charter School board accepted the FY24–25 financial audit. Auditors issued an unmodified opinion on the state-regulatory financial statements, reported no material internal-control findings, and noted about $41 million in cash with roughly $30 million in short‑term borrowing.
The EPIC One on One Charter School board voted to accept the district’s fiscal year 2024–25 financial audit after a presentation by auditor Chris Gullickson of Bledsoe, Hewitt & Gullickson.
Gullickson told the board the firm issued an adverse opinion on GAAP-formatted statements because EPIC reports in the State Department of Education’s regulatory format, but that the audit included an unmodified opinion on the regulatory-format financial statements the district uses. “It was a really outstanding audit. I won’t lie,” Gullickson said, adding the audit identified no material weaknesses or significant findings in internal control or compliance.
The auditor reviewed key balance-sheet figures. “You guys at June 30 had 41,000,000 in cash in the bank,” Gullickson said, and noted roughly $30,000,000 of that represented a short‑term cash‑flow loan taken near year‑end. After considering open purchase orders and uncleared checks, he said the carryover fund balance was about $2,100,000. Gullickson said disclosures in the notes describe the fund-balance decrease and that the loan appeared on schedule to be repaid.
The federal‑program portion of the audit also drew an unmodified opinion. Gullickson said major programs tested included Title I, Title II and Indian Education, and that approximately 50% of federal expenditures were tested with no findings.
Board members expressed appreciation for staff cooperation during the audit. Following the presentation, the board moved, seconded and approved the audit as presented in a roll‑call vote.
