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Village CPA warns single audit can cost about $30,000 as board reviews AFR
Summary
Village CPA Christopher Kelsey walked trustees through the village—s Annual Financial Report and warned that a single federal audit triggered at $750,000 in federal expenditures could cost approximately $30,000; he urged seeking program audits when possible to limit taxpayer exposure.
Christopher Kelsey, the village—s certified public accountant, reviewed the filed Annual Financial Report (AFR) and explained his long-standing advisory role to the village. He told trustees he assists the clerk and treasurer with filing the AFR with the State Comptroller—s office and answers any follow-up questions from the state.
Kelsey explained federal single-audit thresholds and costs, saying, "It will cost approximately $30,000 for a single audit." He advised that the village can request a program audit that the grant could pay for to reduce local costs, and that proactive preparation with the clerk/treasurer can shorten audit time and expense. He offered to work more frequently with village staff ahead of any expected audits to limit the village—s exposure.
