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CUSD 201 board approves clean FY2024'25 audit while flagging commingled cash allocations
Summary
At its March 18 meeting, the CUSD 201 Board of Education approved a clean fiscal-year 2024'25 audit; auditors praised the district's financial reporting but recommended correcting commingled cash allocations and noted IT-related risks.
The CUSD 201 Board of Education on March 18 approved the district's fiscal year 2024'25 audit, which auditors described as a "very clean opinion" with no modifications.
Lisonbee Kaman, the audit manager who presented the report, told the board the general fund had a fund balance of about $9.1 million, roughly 56% of the district's total fund balance, and that the district saw a $968,000 net decrease in the general fund and about a $339,000 net decrease across all funds from the prior year. "For this opinion, it's a very clean opinion, no modifications of any kind, best opinion you can get," Kaman said.
Kaman also walked the board through the management discussion and analysis and the management letter. The auditors issued one current-year recommendation related to rising IT risks such as phishing, and they noted six prior-year recommendations, one of which has been implemented.
Board members pressed staff and the auditors about a commingled cash issue and a large accounts-payable sweep account that left some internal funds with negative balances. A district staff member responsible for finance described ongoing reallocations to correct those internal-account allocations and said the district had dedicated certain replacement-tax revenue to cover Social Security and IMRF obligations while the corrections are made.
"It's like you have one bank account that has this much money and another bank account that you're in, like, in a negative," the staff member said, explaining the practical bookkeeping problem and the plan to reallocate revenues to the appropriate funds.
The board voted to approve the audit during the action portion of the meeting; the motion passed on roll call. The auditors and district staff said the approved audit and supporting documents would be posted on the district website following formal approval.
The board also authorized the treasurer to pay March 2026 bills that have been budgeted, a separate motion that passed on roll call. The meeting adjourned after routine superintendent and board reports.
