SPRING LAKE HEIGHTS — The Spring Lake Heights Board of Education met Monday, discussing the 2024-2025 school year audit with a presentation by James Nemeth.
Nemeth is the supervisor for the 2023-2024 Spring Lake Heights School annual district audit.
“There’s a couple of opinions that we give based on our testing and our field work,” Nemeth said. “The most important opinion is the independent auditor’s opinion. This basically states how the financials presented and stated throughout the course of the year. This year, we issued an unmodified opinion, which is the best opinion we can give. This means that in all material respects, the financial statements are fairly stated and there are no issues. It’s all up to standards that the school board is required to follow.”
Nemeth also discussed the school district’s single audit based on funds that the school gets from federal and state sources, where specific programs can be tested with a certain threshold.
“The data program we tested this year was reimbursed Social Security. We issued an unmodified opinion on that report as well. So there were no issues with that.”
Nemeth also discussed the school’s general fund balances, noting that they will fluctuate every year depending on the district’s needs and what revenue is being brought in. The audit focused on the district’s capital reserve, maintenance reserve, tuition reserve and excess surplus.
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