External auditor gives Tri Valley a clean opinion; single-audit delayed by federal supplement

Justin Wood of Nugent & Hauser, PC presented the district’s audit to the Tri Valley Central School District Board on Nov. 13 and reported that the firm issued an unmodified opinion on the financial statements — the highest level of assurance an auditor gives. He told the board there were no findings on internal controls and the extracurricular activity fund also received an unmodified opinion.

Wood said one item remains: the single-audit component required for federal-awarded funds could not be completed because the federal government has not yet released the 2025 compliance supplement the auditors must use. He said the firm will follow up and complete that portion of the audit once the supplement is available.

On district financial condition, Wood said the district is in good financial condition but noted the fund balance is below the maximum 4% threshold and recommended shifts from surplus in completed capital projects to the general fund to bolster reserves. The auditor framed the financial opinion as pass/fail and said that an unmodified opinion represents a pass.

Board members asked for printed copies of the auditor report in addition to the digital materials; administration said digital copies were sent and would arrange physical copies. The board later adopted a resolution to approve the 2024 and 2025 auditor reports as presented.

Next steps: auditors will complete the single-audit when the federal compliance supplement is published and staff said they will discuss recommended transfers and follow up with board members.