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Independent auditors give Greenwood 52 an unmodified FY2025 opinion; general fund down after Fuji closure
Summary
Manly Garvin presented the district’s FY2025 audit, delivering an unmodified (clean) opinion and noting a net position increase; the superintendent and finance director said the general fund declined about $1.1M during the year and that closure of Fuji reduced expected revenues by roughly $1.8M.
Jonathan Meredith, a manager at auditing firm Manly Garvin, presented the FY2025 audit and reported an unmodified opinion — the highest external-audit rating. "I'm happy to announce is, unmodified opinion, which is the highest that we can give you as an external auditor," Meredith said, and he walked board members through the statements, including a net position increase for the year ended 06/30/2025.
Meredith highlighted an emphasis-of-matter paragraph about adopting a new GASB standard and summarized key balances: about $5.4 million in cash (roughly 41% of current assets), capital assets forming the majority of total assets, bonds payable around $28,000,000, and an overall fund balance near $11.5 million. He noted the district’s general fund decreased by about $1,100,000 during the year, leaving an approximate $5.3 million general‑fund balance.
Finance director Andrew clarified that the unexpected closure of Fuji produced roughly $1.8 million more negative impact than budgeted; he said the district is aware and has plans to address the shortfall. The audit team also reported an unmodified opinion on government‑auditing‑standards testing and on the single‑audit of federal funds. The board had no audit findings requiring corrective action.
