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East Lansing auditors give district a clean opinion; board accepts audited financials
Summary
External auditors reported an unmodified (clean) opinion on the East Lansing School District's fiscal year 2024 financial statements and no findings in the federal single-audit; the board unanimously accepted the audited statements at its Sept. 23 meeting.
External auditors told the East Lansing Board of Education on Sept. 23 that the district's financial statements for the year ended June 30, 2024, received an unmodified — or "clean" — opinion and that auditors found no material weaknesses in internal control. "The financial statements referred to above present fairly in all material respects," auditor Mr Neelson told the board.
The audit presentation highlighted key figures: government-wide assets of about $168 million, total liabilities near $187 million (yielding a negative net position of about $10.6 million driven by pension and other post-employment benefit accounting), and districtwide revenues of roughly $72 million against expenses of about $63 million. At the fund level, the general fund had $55.9 million in expenditures, with approximately 78% directed to instruction and support.
Mr Neelson also reported that the district spent more than $750,000 in federal funds during the year, triggering a single-audit. The auditors tested the Child Nutrition cluster (about $1.2 million in federal expenses) and reported no compliance findings. "We had an unmodified opinion on the financial statements and no material weaknesses or significant deficiencies," he said.
Board members asked clarifying questions about an assigned $1.9 million for subsequent-year expenditures reflected in the FY25 adopted budget and about a projected enrollment increase of 31 students. The auditor explained that the $1.9 million represents the budgeted shortfall included when the board adopted the FY25 budget in June.
Following the presentation and discussion, Trustee Edel moved and Trustee Chambers seconded a motion to accept the audited financial statements; the board voted unanimously to approve the acceptance.
The board packet includes a letter summarizing the audit and more detailed notes to the financial statements. The auditors noted upcoming accounting pronouncements (including GASB standards) that may affect future statement presentation; staff and auditors said they will continue to work together on implementation.
