Board accepts clean 2024–25 audit; finds minor documentation issue in early‑care stipends

Finance staff reported that the 2024–25 annual financial audit returned an unmodified opinion and no going‑concern issues, but included one finding tied to documentation for a stipend in the early care and education program. Staff described a corrective action plan that adds another verification layer within fiscal processes to ensure required documentation is submitted and checked prior to payment.

"There was 1 finding. The finding was specifically within our ECE program, and it had to do with, essentially, documentation required for a stipend," the presenter explained. Trustees with auditing backgrounds clarified that the auditor's flagged item arose from sampling and that expanded sampling found no additional exceptions. The board then moved to acknowledge receipt of the audit report and order it filed; the motion carried.

Staff committed to follow up with more detail on pension and OPEB liabilities questioned during public comment, and the controller offered to return with explanations of auditor language related to significant risk areas such as STRS and PERS.