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Auditors give Florida Virtual School an unmodified opinion as trustees review quarterly financials
Summary
External auditors issued an unmodified opinion for FLVS for fiscal year ending June 30, 2025. Trustees reviewed quarterly completion and revenue/expenditure trends showing higher completions and year‑to‑date revenue increases alongside higher expenditures and projected year‑end fund balances.
Florida Virtual School’s external auditors delivered an unmodified opinion on the school’s fiscal year ending June 30, 2025, and reported no material weaknesses, significant deficiencies, or reportable compliance findings for the federal award tested, the auditor told trustees.
Alan Ricker, director at Forbis, presented the audited financial report and noted the independent auditor’s highest‑level opinion and clean results on internal controls and federal compliance testing. "The opinion was unmodified," Ricker told the board, and he said there were no findings of note in the schedules and compliance testing presented.
Earlier in the meeting, CEO Dr. Algay and finance staff summarized quarterly and year‑to‑date financial information through Dec. 31, 2025. The board heard enrollment/completion data for several delivery modes: flex completions for the reported quarter were 283,278 (an increase of 35,752 from the prior period), virtual learning lab/self‑pay completions for the quarter were 29,114, and full‑time completions were 41,491 (up 576 from the prior year). Year‑to‑date general fund revenues increased by $2.6 million to $180.3 million while year‑to‑date expenditures rose by $12.8 million to $185.2 million.
Board discussion noted that budgeted completions are an input to staffing and that timing of completions creates projection variability. The enterprise fund (which includes flex point franchises and the Florida Scholars Academy) reported year‑to‑date revenue increases to $33.2 million, and management projected a net operating profit of $4.7 million with transfers out of $8.3 million to fund course development and operating projects. The enterprise fund balance was projected to be $73.7 million at June 30, 2026.
Trustees thanked finance and audit staff for the clear presentation. No formal audit exceptions were raised during the hearing; trustees proceeded to act on agenda consent and budget items later in the meeting.
