Alexandria School District receives clean financial audit
Tuesday, October 19, 2021 ALEXANDRIA, Minn. -- Alexandria School District received a clean financial audit opinion, according to information presented Monday, October 18 at the regular board meeting by Trevor Peterson, director of business services. According to information within the 2020-21 financial audit executive summary shared with the board, a clean audit opinion is more precisely referred to as an unmodified opinion. A clean, unmodified opinion is the best designation a school district can receive and it means that the financial statements have been prepared using accounting principles generally accepted in the United States of America (GAAP), do not contain material misstatements, and are fairly presented.
Further, the district received a clean, unmodified opinion on compliance for the major federal award programs report. Alexandria School District expends more than $750,000 annually in federal awards; therefore, the district is required to obtain an annual audit in accordance with the Single Audit Act.
The district is audited every year by an independent audit firm to ensure sound financial practices and management. The district finished the year with favorable budget variances for both revenues and expenditures, resulting in the unassigned fund balance to stand at $6,634,382. General Fund expenditures in fiscal year 2020-21 were $54,778,340, meaning the district’s unassigned fund balance for the general fund stands at 12.1% of annual expenditures, which falls within the range of the board-adopted fund balance policy.
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If you have any additional questions, please contact Trevor Peterson – Director of Business Services, (320) 762-2141 ext. 4206, or email: email@example.com.