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Audit reports flag monitoring and funding issues across Reynolds schools
Summary
District auditors identified a governing board monitoring best-practice finding and other notes across several schools, including a remedied GASB 87 finding at HOLLA School and a large federal aid drop at Reynolds Arthur Academy. The board approved a plan of action to respond.
Auditors presenting to the Reynolds School District board identified multiple findings and notes across district entities during the Feb. 26 meeting. At the district level, auditors noted a best-practice finding for "Governing Board Monitoring" and a Service Organization Control report note tied to Education Service District assurances; auditors said they will send questions for board leadership to review.
School-level notes included: HOLLA School remedied a previously reported GASB 87 finding; Multnomah Learning Academy reported a large ending fund balance to be used for property updates; Reynolds Arthur Academy experienced a large drop in federal aid from 2023 to 2024 attributed to ESSER reductions; and Rockwood Preparatory Academy was flagged for shifting revenue reliance toward Student Investment Account (SIA) and the State School Fund, with a separate concern about servicing interest-only payments on a long-term loan until 2027.
The board later approved a Plan of Action addressing audit findings and authorized submissions to the Oregon Audits Division. Minutes do not include a detailed remediation timeline or dollar amounts for the noted funding changes; auditors were recorded as the source of the findings in the board materials.
