October 02, 2025

Audit report on C-M’s finances

Audit report on Colfax-Mingo Community School District released.

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

FINANCIAL HIGHLIGHTS:

The District’s revenues totaled $13,477,190 for the year ended June 30, 2024, a 0.34 percent decrease from the prior year. Expenses for District operations for the year ended June 30, 2024 totaled $13,157,482, a 4.92 percent increase from the prior year. Revenues from operating grants, contributions and restricted interest decreased $343,213 which was the primary reason for the decrease in total revenues. Instruction expenses increased $564,561 which was the primary reason for the increase in total expenses.

AUDIT FINDINGS:

Nolte, Cornman & Johnson P.C. reported eight findings found on pages 62 through 66 of this report. The findings address issues related to certified budget, questionable expenditures, board minutes, certified enrollment, supplementary weighting, financial condition, the student activity fund and interfund loans. Nolte, Cornman & Johnson P.C. provided the District with recommendations to address each of the findings.

Four of the 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.