Avantisteam Announces Audit: Franklin schools’ accounting in good shape - Jonathan Cartu CPA Accounting Firm - Tax Accountants
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Avantisteam Announces Audit: Franklin schools’ accounting in good shape

Audit: Franklin schools’ accounting in good shape

Avantisteam Announces Audit: Franklin schools’ accounting in good shape

LOUISBURG — After a presentation from accounting firm Dixon Hughes Goodman on Monday, the Franklin County Board of Education unanimously approved accepting the results of a finalized financial audit relating to the 2018-19 fiscal year.

Tyler Baity, a senior assurance manager with the firm, presented what was classified as a “unmodified” opinion, meaning that all the financial statements presented to the auditors were in compliance with an applicable financial framework.

“This is the opinion you would want to receive from us,” Baity told the board at the outset.

In terms of 2019 revenues, the school system took in $53.8 million in state public school funding while general and restricted revenues were at $18.7 million and federal funding was $4.3 million. State and general revenues increased over the past two years while federal funding was down from $4.6 million over that same time period.

About 74 percent of expenditures were on instructional uses, a level that’s been consistent for two years.

Even though the audit result was the best outcome, some findings like those in the yellow book report that outlines audit requirements as well as the state public school fund did find what was flagged as noncompliance items relating to reconciling cash management.

“What triggered the investigation was when we looked at the bank reconciliation, what was recorded and the amounts didn’t agree,” Baity said. “There was a system conversion, meaning that there were certain entries manually done through the system that were erroneously putting certain things into your accounts that shouldn’t be there.”

Baity clarified that the issues were found during the preliminary phase of the audit so they don’t affect the unmodified final opinion.

Drug policy changed

In other board business, officials unanimously approved calendars for both traditional and year-round schools.

The board also amended policies relating to drugs, alcohol and medication to include CBD and THC use. The medication policy now prohibits these substances on school campus unless authorized and administered by a caregiver treating intractable epilepsy or the substance is prescribed and FDA-approved.

Other policies amended include recruitment of employees, in which the meaning of “convicted of a criminal offense” is given clarification.

Section B of the parental involvement was amended and adds a parental notification requirement when children are offered advanced learning opportunities in mathematics or placed in advanced mathematics courses.

The next regular meeting of the Franklin County Board of Education is 7 p.m. on Feb. 10 in room A107 of Riverside Campus, 53 West River Road in Louisburg.


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