Auditor gives Frenship ISD a clean opinion; board approves 2024–25 audit

External auditor Jeremy Stevens of Bailey presented the Frenship ISD audit to the board and reported an unmodified (clean) opinion on the district’s financial statements for the fiscal year ending Aug. 31, 2025.

Stevens told trustees the audit found no adjusting journal entries resulting from audit procedures and did not identify material weaknesses or significant deficiencies in internal control. He summarized key figures: total assets and deferred outflows of approximately $872 million (up from about $668 million), liabilities and deferred inflows around $754 million (up from about $570 million), and a net position near $117 million (up from about $98 million). Stevens attributed much of the year‑over‑year increase in assets and liabilities to the district’s 2025 bond issuance, which increased restricted capital project funds.

On the district’s governmental funds (modified accrual basis), Stevens said total assets were about $318 million versus roughly $200 million in the prior year; restricted capital project balances were cited at roughly $238 million. He also reported operating revenues of about $173 million and expenditures near $258 million for the year. Stevens said the district complied with major federal program requirements for the special education cluster and Title I part A and that the compliance reports carried unmodified opinions.

After the presentation, administrative staff recommended approval of the 2024–25 audit report. The board approved the audit by voice vote.