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Franklin Township school business administrator reports clean FY25 audit but lists four findings
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Summary
School business administrator Steven Freid told the board the district received an unmodified (clean) opinion for the FY25 audit while publicly reading four management comments on food-service reserves, payroll agency reconciliations, journal entry controls, and student activity account reconciliations.
Steven Freid, the district’s school business administrator, told the board the FY25 financial audit resulted in an unmodified opinion — the highest-level (clean) audit outcome — but he was required by statute to read the auditor’s management comments into the minutes.
"We received an unmodified opinion on the audit report, which is the best opinion you can get," Freid said, then summarized four findings: (1) food-service net cash resources exceeded three months’ average expenditures, (2) the payroll agency account requires monthly analysis to match bank reconciliations and ensure only funds owed to payroll-related agencies remain on the account, (3) implement controls so journal entries are accurate and timely, and (4) improve reconciliation controls for student activity bank accounts. Freid noted findings decreased from six last year to four this year.
Board members offered thanks and had no substantive questions. The finance committee had discussed the audit in more detail earlier and will present corrective action plans; the consent agenda later included approval of corrective action plans related to the auditor’s management report for the fiscal year ending June 30, 2025.
The district did not provide dollar amounts tied to the findings in the public reading; Freid said the goal is to reduce findings to zero in future audits.
