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Homewood SD 153 posts roughly $3M surplus; auditor issues reporting‑basis exception but gives recognition‑level profile
Summary
The Homewood SD 153 Board of Education accepted the FY25 audit showing about $23.6 million in net position and roughly $3 million positive net income; auditor noted the district reports on a cash/modified‑cash basis (an exception to GAAP) but found no material control weaknesses and the Illinois financial profile score was 3.7.
The Homewood School District 153 Board of Education voted March 16 to accept the district’s fiscal year 2025 audit, which showed a government‑wide net position of about $23.6 million and fund cash of just over $16 million.
Scott Duner of Whiply, the accounting firm that conducted the audit, told the board the district reported its financial statements on a cash/modified‑cash basis rather than full GAAP. Duner…
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