The Wabash Unit School District 348 Board of Education has approved its annual financial audit. During this month’s meeting, Michelle Smith with Kemper CPA presented the district’s audit report to board members. Smith explained the district received an unmodified audit opinion, meaning the financial statements are accurate and properly presented under the regulatory basis of accounting, a change from prior years when reports were prepared using generally accepted accounting principles.
Smith noted the district’s overall assets decreased by about 54-thousand dollars, largely due to a decline in cash balances, while property and equipment values remained relatively steady. Liabilities were also down, primarily because there were no major construction projects outstanding at the end of the fiscal year.
On the revenue side, Smith reported district revenue was down approximately 2.5 million dollars, largely due to the expiration of federal COVID-related grants, including ESSER funds. Expenses increased by about 845-thousand dollars, driven mainly by higher costs for salaries, insurance, supplies, and repairs.
The audit also included an 8.3 million dollar restatement of the district’s beginning net position, largely related to changes in pension reporting requirements.
Smith told the board the audit produced no findings, marking another year without any significant issues. A minor internal control recommendation was included regarding documentation of journal entry reviews, but no material weaknesses were identified.
Following the presentation, the board voted to approve the audit.