May 21, 2024

Audit findings for C-M School District

Nolte, Cornman & Johnson P.C. released an audit report on Colfax-Mingo Community School District.

FINANCIAL HIGHLIGHTS:

The District’s revenues totaled $13,207,889 for the year ended June 30, 2022, a 9.84 percent increase from the prior year. Expenses for District operations for the year ended June 30, 2022 totaled $11,254,473, a 0. 79% increase from the prior year. Revenues from operating grants, contributions and restricted interest increased $581,766 to fund the increase in expenses. The increase in total expenses occurred primarily in the support services function.

AUDIT FINDINGS:

Nolte, Cornman & Johnson P.C. reported six findings found on pages 67 through 71 of this report. The findings address issues such as bank reconciliations, certified budget, board minutes, certified enrollment transfer of public funds and board policies. Nolte, Cornman & Johnson provided the District with recommendations to address these findings.

One of the six findings discussed above are repeated from the prior year. The Community School District’s Board of Education has a fiduciary responsibility to provide oversight of the Community School District’s operations and financial transactions. Oversight is typically defined as the “watchful and responsible care” a governing body exercises in its fiduciary capacity.

A copy of the audit report is available for review on the Auditor of State’s website at https://auditor.iowa.gov/audit-repo.