Directors of the Nashwauk-Keewatin School Board listened to results of their financial audit for the fiscal year ending on June 30, 2015 from WIPFLi CPA Deb Medlin at last week’s regular board meeting.
Medlin reviewed her firm’s findings, which identified a few material weaknesses in the district’s accounting including significant audit adjustments and untimely bank reconciliations. Auditors also found that the district’s disclosures were “adequate, clear and complete.”
Auditors reported that the district’s actual general fund revenues were $7.8 million, a negative variance of $205,522 from the budgeted number. The district’s general fund balance at the end of the year was $1.4 million, a reduction from the $1.8 million as of July 1, 2014.
Medlin also noted during her presentation that delayed reconciliations had led to delays in finalizing the audit.
In other business, the board:
• Approved the minutes of the Dec. 16, 2015 regular meeting, Dec. 22, 2015 special meeting and Jan. 4 re-organizational meeting.
• Listened to Kathy Annette, Blandin Foundation president and CEO, who spoke about the leadership role of educators and the value of the Itasca Area Schools Collaborative.
• Approved a draft of operational expectations for the school district, as presented by Superintendent Lance Northey.
• Accepted the treasurer’s report, check register and an updated budget, as of Dec. 31, 2015.
• Acknowledged a $1,000 donation from the Nashwauk Area Endowment for NK Spartan News at Keewatin Elementary and a $700 donation from Target Scholarship America for field trips at the Nashwauk Community Library.