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Auditor: adverse opinion tied to chosen accounting basis; district financials otherwise consistent
Summary
Auditor Heather Powell told the board the audit includes an adverse opinion on the district's modified accrual reporting basis (a historical choice), the annual financial report required by ISBE was filed, federal single audits are delayed nationally, and ed‑fund expenses were under budget by about $3.3 million.
Heather Powell of Forus presented the Urbana SD 116 audit to the board, explaining the adverse opinion relates to the district's decision not to adopt a newer GASB reporting standard and the modified accrual basis used for the financial‑statement audit.
Powell said the separate annual financial report filed with the Illinois State Board of Education uses a prescribed regulatory form and received a clean opinion; the adverse opinion pertains to a…
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