District audit: independent auditors issue clean opinion, note one compliance finding

Independent auditors presented the FY2025 audited financial statements and an unmodified (clean) opinion to the Saint Francis Area Schools board; the board accepted the audit at the meeting.

Aaron Nelson of the audit team summarized the results and noted the auditors issued a clean opinion on the district’s financial statements for the year ending June 30, 2025. The report included an emphasis‑of‑matter paragraph related to the implementation of a new GASB standard that changed the presentation of certain liabilities and beginning net position. Auditors also identified two instances in testing where claims/disbursements fell outside the district’s expected payment‑timing parameters and recommended monitoring of internal controls and segregation of duties to prevent recurrence.

Nelson said general fund revenues were higher than the previous year largely due to state funding increases, while general fund expenditures remained near budget. The district’s unrestricted/unassigned fund balance met the district policy target (auditor noted unassigned fund balance of approximately 16% against a 12% policy goal). The board unanimously accepted the FY2025 audited financial statements and will submit required certifications.