Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Kewanee CUSD 229 Board accepts FY2025 audit showing $17.1 million in operating fund equity
Summary
Board received the 2024-25 audit from Gorenz & Associates reporting total fund equity of $86,414,300 and net operating fund equity of $17,085,263; the board voted unanimously to approve the audit and recommended transfers and adjustments.
Russ Rumbold of Gorenz & Associates presented the Kewanee Community Unit School District No. 229's 2024-25 audit at the board meeting on Oct. 20, 2025. The audit reported total fund equity of $86,414,300 and fixed assets totaling $63,392,756, which leaves net operating fund equity of $17,085,263 as of June 30, 2025.
"As of June 30, 2025, the total fund equity for the District was $86,414,300," Russ Rumbold said while summarizing the audit. He told the board the district's financial profile score improved to 3.9 out of 4.0.
Rumbold said salaries and benefits composed the majority of Education Fund expenditures and that the district's operating expense per pupil was $14,322. He also reported that roughly 57% of the district's funding came from Illinois's Evidence Based Funding and that state Teacher Retirement System on-behalf payments for the fiscal year totaled $5,190,944.
Following the presentation, Superintendent R Baney recommended the board approve the audit along with transfers and adjustments recommended by the auditors. Member Steffen moved to approve and Member DeMay seconded. The roll-call vote showed Members Christiansen, Salisbury, Steffen, DeMay and Dev voting aye; there were no nay votes and the motion carried.
The approval records the board's acceptance of the auditors' report and authorizes recommended transfers and adjustments; no additional conditions or contingencies were recorded in the minutes. The board also approved the consent agenda earlier in the meeting, which included minutes, financial reports and bills.
The audit presentation and vote complete the district's formal acceptance of the FY2025 financial statements; the board did not add further amendments during the meeting.
