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Jericho board accepts clean audit, reviews $51.8 million fund balance
Summary
The Jericho Union Free School District board accepted the district's external audit for the year ended June 30, 2025, receiving an unmodified (clean) opinion from outside auditors and discussing the district's reserves and fund balance, which the auditor reported at about $51.8 million.
The board of education accepted the district's external audit for the fiscal year ended June 30, 2025, after a presentation by Alan Yu of the district's external audit firm.
'We are issuing what's known as an unmodified opinion on the district's financial statements,' Yu said, adding the audit produced no reportable findings. He commended the business office staff and district treasurer Melissa Lee for timely, accurate financial reporting. Yu told the board the combined reserves totaled about $40,000,000 and the total fund balance was $51,800,000, which he estimated represented roughly 37% of annual spending. Board members asked whether those levels were unusually high; Yu said reserve sizes are set by local boards and vary by district, and that auditors typically look for at least a 15'to'17% fund-balance minimum.
Board members also questioned a line in the audit communication about "significant risks of material misstatement" for revenue recognition. Yu characterized that language as a standard auditor communication used in planning rather than evidence of a current misstatement. The board moved to acknowledge receipt of the draft audit materials and to accept the audit report; the motion carried unanimously, 5-0.
Next steps: the audit report and accompanying letters will be finalized and submitted to the New York State Education Department, with the district aiming to meet the Oct. 15 submission requirement.
