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KCSD Financial Audit Shows Strong Financial Management
December 3, 2008
View the full
independent audit report for 2007-08 [View
other KCSD audits]
The Kershaw County School District again received an
“unqualified opinion” - the best result possible - during its annual
financial audit as completed by an external independent CPA
firm.
Larry Finney of Greene, Finney & Horton presented the firm’s
audit of the district’s 2007-08 financial statements as required
by law at the Dec. 2 school board meeting.
“This rating is reflective of the outstanding work done by the
district accounting staff, especially with continuing changes in
reporting requirements to federal and state agencies and to the
public in general,” said Kershaw County School District
Superintendent Frank Morgan. “The fact that the district
continues to receive the ‘unqualified’ rating speaks highly to
the fact that we take our role as stewards of public funds very
seriously.”
“The district receives a significant amount of state and federal
funds, and these funds are restricted as to how they can be
used,” said Finney. “The audit includes Greene, Finney & Horton
testing the district’s compliance with some of those state and
federal compliance requirements, and there were no
non-compliance matters included as findings in the audit
report.”
Finney added that “the school district continues to do a good
job managing its finances, especially in these difficult
economic times.”
As one of the recommendations, Finney’s firm recommended that
the school board adopt a minimum fund balance policy. The
auditor said that a healthy fund balance is important for cash
flow at the end of the calendar year as the district waits for
tax revenue, provides savings for emergencies and often leads to
lower interest rates for debt issuance. He also said that it can
also be used to help lessen the immediate impact of state budget
cuts as the district has seen recently.
“I think this is a prudent recommendation, especially given the
current state of economy,” Morgan said.
The district administration is currently drafting a fund balance
policy for approval by the school board before the end of the
current school year.
For more information: Mary Anne Byrd, (803) 432-8416 ext. 1229 |
