Auditor warns Siren School District faces "going concern" after operating losses, $2 million loan

An independent auditor told the Siren School District committee Monday that the district’s financial statements include a disclosure raising “substantial doubt” about the district’s ability to continue as a going concern.

Brandon Williger of Two Rivers Accounting presented the annual audit and said the audit opinion itself was unmodified — meaning the statements adhere to generally accepted accounting principles — but that the auditor’s notes disclose serious financial strains. "As of June 30th, the district has experienced significant financial challenges including recurring operating deficits, declining enrollment and reductions in state funding. These conditions raise substantial doubt about the district's ability to continue as a going concern," Williger said.

Why it matters: A going‑concern disclosure signals that, while the statements were prepared under GAAP, auditors found circumstances that could put the district’s…