Ardmore City Schools has received a clean financial report after its latest audit from a district-hired accounting firm was issued this week.
Wednesday, the Ardmore Board of Education reviewed and approved its yearly audit performed by Rahhal, Henderson and Johnson PLLC for the 2013 fiscal year. The audit report, which looked over the school district’s books during the fiscal year that ended June 30, 2013, was positive, with one exception.
The report stated that activity fund receipts were not being turned over to the financial secretary in a timely manner. Oklahoma law requires receipts of $100 or more to be deposited the following business day. Receipts of less than $100 must be deposited within a week.
According to the report, three of 25 receipts reviewed by the auditors were not deposited within one business day, based on the date received by the sponsor.
“That is not an unusual comment to see,” Auditor Mary Johnson said. “I think it has to do with the communication of the sites between the principals and the secretaries. I have done this for 30 years, and I don’t think I have ever seen a chance where we wouldn’t have such a comment. I do see it improve over time.”
The report stated the accounting firm’s opinion was the school district was in compliance with major federal programs during fiscal year 2013. It also stated it did not identify any deficiencies in internal controls.
Johnson presented the report to board members and district officials. She stated this report was different from years past, since the district changed its basis of accounting to meet specific accounting standards and financial reporting required by the Oklahoma State Department of Education.
In revenues during the year audited, the district received $5.548 million in property tax dollars for the general fund. That was a 14 percent jump from what the district had budgeted. The report states property values and new construction led to the increase.
In total, the general fund revenue was listed at $26.885 million. Total expenditures were $27.546 million. The district had carried over around $5.22 million to begin the 2013 fiscal year, the audit statement of revenues, expenditures and change in funds stated.
At the end of fiscal year 2013, the district was able to carry over $4.56 million, according to the audit.