McLean County Unit School District 5 Finance Committee met Oct. 21.
Here is the agenda provided by the committee:
1. 2018-19 Audit Report
● Mr. Adam Pulley of CliftonLarsonAllen LLP (CLA), the Principal in charge of the District’s annual inancial audit, presented the draft 2018-19 audit report. CLA plans to issue a clean unmodi ied opinion on the modi ied cash basis, and also a clean opinion on major federal programs (IDEA and Title I). This is the highest opinion that can be issued. Mr. Pulley also noted that there were no disagreements with management that arose from the audit, and that working with management, as well as with District staff, was a positive experience. CLA is still waiting on a response from an attorney who is representing the District on any pending litigation that could impact the inancial statements. Once that response is received, CLA will issue the audit. Mr. Pulley does not expect any changes to the draft 2018-19 audit report.
● There was one inding issued in the audit. Relating to a Federal grant, the auditors noted an instance in which costs claimed for reimbursement exceeded the costs actually incurred by the District. The dollar amount of this overstatement was immaterial ($158), but since this related to a Federal grant, materiality was not taken into consideration. The overstatement was corrected before the end of the grant iscal year.
● Mr. Trask and Mrs. Lef ler applauded District management for their work in maintaining the District’s inances, resulting in a clean audit with minimal indings. Mr. Hickman applauded all District staff saying that a clean audit wouldn’t be possible without staff adhering to District policies and procedures.
The meeting adjourned at 5:09 PM.
https://v3.boardbook.org/Public/PublicItemDownload.aspx?mk=50351918&fn=minutes.pdf
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