The Emery County School District received high marks for their financial statements. Kimball and Roberts, certified public accountants recently completed their independent audit of the school district.
Kimball and Roberts said there has been a difference in the audit reports since the adoption of the Governmental Accounting Standards Board, fondly known as GASB. They reported that in their opinion the books and records of the school district are in good condition and that the internal controls in place make for a good system. "We are very comfortable with what we have found," said Kimball.
"We feel that all the requirements have been met and we feel good about that," said Ross Huntington, district business administrator.
Kay Kimball pointed out that the district is now able to show depreciation on its assets, which previously you couldn't show depreciation of federally owned assets. He said that all of the computation on the depreciations had been done properly. One other new requirement is the inclusion of the original budget along with the final budget so all changes made throughout the year are readily shown. All of the depreciations must not only be shown but must be allocated to the proper functions.
The auditors also check for compliance in their reports. They make sure all federal monies are spent where they are supposed to. All federal monies come with a lot of strings attached for compliance and use.
Rick Roberts reported that they have followed the guidelines for the audit outlined by the state. He spent some time explaining how all monies collected by the schools must be deposited within three days as required by law. "It is important to get the funds in the bank," he said. They also check to make sure a public hearing was held for the budget. These budget hearings must be properly advertised and the auditors check for compliance with this regulation. Roberts pointed out that after completing the audit the risk for the district is assessed and if determined to be low risk then the next assessment will be geared to a low risk evaluation. "In testing we have found no material errors to report to the federal government," he said.
Roberts reported that in the management letter there were some issues to be discussed. With the purchase of the athletic equipment for the area schools which are on a lease and expenditure program, he recommended the budget be reopened to show the increase.
Roberts also had found some problems with the way travel is reimbursed. This payment should be reimbursed through the district office for 30 cents per mile. No principal should be reimbursing their own travel expenses through school funds. "Tidy up travel costs," recommended Roberts. He also recommended that gate receipts from athletic functions should be tallied and signed by at least two people. This money should be immediately placed in the school safe or should be placed in the night deposit. He recommended an electronic cash register for the high school to eliminate duplication of receipts.
Roberts recommended an electronic system for the adult education program to keep student records on track. It is hard to gather the information for the reports required by the state without such a system.
The purchase of supplies should be done with a purchase order and not by check and reimbursement. Superintendent Kirk Sitterud said that Huntington is working with the principals to correct these situations. Sitterud said the financial statements are easier to understand than in the past.
Board president Laurel Johansen reported that the Emery County School District financial department has done a great job. "It's admirable and you should be complemented . We appreciate your efforts to keep things running smoothly."