Submitted by Nolte, Cornman & Johnson P.C. today released an audit report on Easton Valley Community School District in Preston, Iowa.
Preston, Iowa – FINANCIAL HIGHLIGHTS: The District’s revenues totaled $10,958,763 for the year ended June 30, 2023, a 2.70% decrease from the prior year. Expenses for District operations for the year ended June 30, 2023 totaled $9,354,417, a 2.66% increase from the prior year. Decreased revenues from capital grants, contributions and restricted interest was the largest contributor to the decrease in total revenues while the increase in total expenses occurred primarily in the instruction function.
AUDIT FINDINGS: Nolte, Cornman & Johnson P.C. reported four findings found on pages 64 through 66 of this report. The findings address issues such as a lack of segregation of duties, the certified budget, deficit balances and board policies. Nolte, Cornman & Johnson provided the District with recommendations to address these findings.
All of the findings discussed above are repeated from the prior year. The Community School District’s Board of Education has a fiduciary responsibility to provide oversight of the Community 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 State’s web site at https://auditor.iowa.gov/audit-reports.
