Accounting firm releases audit on Baxter school

Nolte, Cornman & Johnson P.C. released an audit report on the Baxter Community School District in Baxter. FINANCIAL HIGHLIGHTS:

The District’s revenues totaled $8,330,769 for the year ended June 30, 2024, a 6.60 percent increase from the prior year. Expenses for District operations for the year ended June 30, 2024 totaled $7,411,580, a 3.15 percent increase from the prior year. Revenues from property tax increased $267,166 which was the primary reason for the increase in total revenues. Instruction expenses increased $174,477 which was the primary reason for the increase in total expenses.

AUDIT FINDINGS:

Nolte, Cornman, & Johnson P.C. reported four findings found on pages 58-61 of this report. The findings address issues related to segregation of duties, certified budget, board minutes and certified enrollment. Nolte, Cornman & Johnson P.C. provided the District with recommendations to address each of the findings.

Two of the four 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 web site at https://auditor.iowa.gov/audit-reports.