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External audit finds no new material weaknesses for Urbana SD 116; supplementary schedules added for local grant
Summary
The district’s external audit team delivered its audit committee communications, reported a clean single-audit opinion, and included additional supplementary schedules required by a local grant; an adverse presentation related to the district’s non-GAAP reporting was noted as a standing format issue, not a new weakness.
Urbana School District 116’s external auditors reported a completed audit with no new material weaknesses or significant deficiencies found and issued a clean single-audit opinion for the year. The auditor explained that one local grant required additional audit procedures this year and, as a result, supplementary schedules were added to the consolidated financial statements.
The auditors noted there were no new accounting standards that materially affected this year’s statements and that disclosures call out overexpenditures and a small number of deficit fund balances where relevant. The presenter reminded the board that the district historically presents certain financials on a non‑GAAP basis and that an adverse presentation had been issued previously for that reason; the auditor emphasized that the adverse presentation reflected format (non-GAAP) rather than an identified control or reporting deficiency in the current audit.
Slides reviewed during the presentation summarized fund-balance results on an accrual basis (the Education Fund showed a positive change this year, from about $18 million to roughly $24–25 million) and reported a working cash balance that increased to approximately $3.5 million from about $2.6 million the prior year. The district will file the annual financial report with the Illinois State Board of Education and the single-audit report with the federal reporting clearinghouse once the board approves the statements.
Board members had no substantive follow-up questions and thanked the audit team for the presentation.
