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Waynoka board accepts 2024–25 audit; auditor flags presentation and control issues
Summary
The Waynoka school board unanimously accepted the 2024–25 audit after the district's auditor said statements do not present general fixed assets and use the state's regulatory accounting method rather than GAAP; the report also called out internal-control items and activity-fund procedures.
The Waynoka Public Schools board voted unanimously to accept the district's 2024–25 audit after the auditor said parts of the financial statements do not follow generally accepted accounting principles.
Jay, the auditor from J States CPA, told the board the opinion letter is qualified because "we do not show general fixed assets" and that portions of the report are adverse because the district reports under the state-required regulatory method rather than GAAP. He reviewed the balance sheet, revenue and fund balances and explained reserved encumbrances and outstanding checks.
The auditor said the district had an unassigned general fund balance of about $8,373,000 and described reserve accounts and activity-fund cash practices. Jay also noted special-revenue (building) activity showed a year-over-year decrease and a building fund balance of roughly $3.11 million. On district operations he reported that roughly 90% of certain expenditures go directly to classroom instruction.
Jay reviewed long-term debt schedules and employee retirement contributions, citing employer retirement-set amounts near $346,000 and reported employer expenditures in the range of $327,000–$350,000 in recent years. He discussed recent bond sales and payouts and recommended the board review capital-project schedules in the financial statements.
The audit's internal-control letter recommended a review of accounting processes (payroll, receipts, point-of-sale and activity-fund procedures). Jay said the board should start its review at the section noted in the letter and flagged the district's recent staffing change when a longtime staffer retired and a trainee is in place.
Scott, the superintendent, summarized district finances after the audit presentation and reported that child nutrition is running a net loss "around about $58,000," and that daycare losses have narrowed significantly compared with the prior year. He also clarified the bond-payoff schedule, saying one bond will end in 2028 while other series and later bond sales will extend some obligations into approximately 2034.
Board members moved to accept the audit report and voted in favor (recorded as unanimous affirmative votes). The board did not record a formal named mover for the acceptance in the transcript provided.
