Kay L. Chapman, CPA PC of Muscatine, Iowa released an audit report on the Solon Community School District in Solon, Iowa.
Financial highlights:
The District’s revenues totaled $23,817,246 for the year ended June 30, 2022, a seven percent increase from the previous year. Expenses for District operations totaled $19,364,138, an eight percent decrease from the prior year. Increases to revenue were seen in general revenue – property tax, statewide sales, service and use tax and unrestricted grants. Decrease to expenses were seen in instruction and non-instructional expenses.
Audit findings:
Chapman reported three findings related to the receipt and expenditure of taxpayer funds. These are found on pages 77 to 80 of this report. The findings address issues such as a lack of segregations of duties, supplementary weighting and deficit net position. Chapman provided the District with recommendations to address these findings.
Board responsibilities:
The District’s Board of Education has a fiduciary responsibility to provide guidance over the District’s operations and stewardship over the District’s finances. The Board is responsible for the governance and leadership of the District.
Copy of report:
A copy of the audit report is available for review in the District Secretary’s Office, in the Office of Auditor of State and on the Auditor of State’s website at https://auditor.iowa.gov/audit-reports.