Mt. Vernon Register-News

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October 18, 2013

MVTHS gets clean audit report

MT. VERNON — Mt. Vernon Township High School’s annual audit for fiscal year 2013 uncovered no serious negative findings, said auditor Jim Leuty of Krehbiel & Associates.

“We issue an opinion that it’s a clean audit on the cash basis of accounting,” Leuty said.

Leuty presented the audit’s findings at a meeting Tuesday of the MVTHS Board of Education’s Finance Committee.

For fiscal year 2013, which ended June 30, the district earned an overall financial profile score of 3.15, down from last year’s 3.45. A perfect score would be 4.0.

The drop in the district’s score is mainly due to MVTHS taking on additional long-term debt to fund the new school project, Leuty said.

Leuty explained there are four financial categories established by the Illinois State Board of Education for school districts, with the highest being “financial recognition.”

MVTHS is in the “financial review” category, which is the one just below the top designation.

Being in this category means a district’s finances may be open for review by ISBE to determine if there are any “negative trends” developing, Leuty said.

“Of course, (ISBE) is always available for counsel, but they might at that point review a district and look at the district from there to see

if there’s any negative trends, like if they’re starting a negative trend downward,” Leuty said. “Then it’s their way of identifying a problem early on.”

MVTHS has been in the financial review category for the last few years.

During his report Tuesday, Leuty pointed out two minor procedural problems with the district’s accounting.

One had to do with the formality of whose name is listed on bonding documents.

The district had Superintendent Michael Smith and Finance Director Angie Brentlinger on the documents, which is incorrect. Instead, it should have been the treasurer’s name.

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