Van Maanen, Sietstra, Meyer & Nikkel, PC, Certified Public Accountants recently released an audit report on the Mount Ayr Community School District.
Financial highlights
The District’s revenues totaled $11,1123,662 for the year ended June 30, 2019, a 5.6% decrease from the prior year. Expenses for the District operations for the year ended June 30, 2019 totaled $10,162,254, a 0.4% increase from the prior year. The increase in revenues is due primarily to an increase in property tax and state grants. The increase in expenses is due primarily to instruction and support services.
Audit findings
Van Maanen, Sietstra, Meyer & Nikkel, PC reported two findings related to the receipt and expenditure of taxpayer funds. They are found on pages 65 through 67 of this report. The findings address issues such as segregation of duties and expenditures in excess of budgeted amounts. The auditors provided the District with recommendations to address each of the findings.
The School District’s Board of Education has a fiduciary responsibility to provide oversight of the school district’s operations and financial transactions. Oversight is typically defined as the “watchful and responsible care” a governing body exercises in its fiduciary capacity.
A copy of the audit report is available for review on the Auditor of the State’s website at https://auditor.iowa.gov/audit-reports.
