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Solanco School District 2014-15 Audit Overview

This audit report provides an overview of the Solanco School District's financial statements and findings for the period of July 1, 2014, to June 30, 2015. It includes information on pensions, fund balances, long-term liabilities, and compliance with federal grants.

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Solanco School District 2014-15 Audit Overview

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  1. Solanco School District 2014-15 Audit January 25, 2016

  2. Audit Overview • Audit in Accordance with: • US Generally Accepted Auditing Standards • Government (Yellow Book) Auditing Standards • US OMB Circular A-133 (Single Audit) • Audit of period 7/1/14 - 6/30/15 • Solanco Business Office drafts financial statements • Overview of Audit Process • Audit Findings: No significant deficiencies or material weaknesses are reported

  3. GASBS No. 68, Pensions • Effects the full-accrual financial statements • Government-Wide • Enterprise Fund (Food Service) • 5 Pages of Footnote Disclosures • 3 Pages of Required Supplementary Information

  4. GASBS No. 68, Pensions Implementation by Prior Period Adjustment of Equity

  5. GASBS No. 68, Pensions

  6. Governmental ActivitiesHistorical Analysis

  7. Relationship: Capital Assets vs. Debt

  8. General Fund Results For Fiscal Year Ended

  9. GASB No. 54 – Fund Balance Reporting and Government Type Definitions

  10. General Fund Expense Comparison

  11. 2014-15 General Fund Expenses

  12. Debt Service Fund

  13. Debt Service Requirements

  14. Long-Term Obligations

  15. Capital Project Fund

  16. Cafeteria Fund Analysis

  17. Internal Service Funds Changes in Net Position Composition of Net Position

  18. Funding Sources for Health Insurance

  19. Other CAFR Components • Management’s Discussion and Analysis • Notes to Financial Statements • Note 1- Summary of Significant Accounting Policies • Note 2- Change in Accounting Principle • Note 12- Long-term Liabilities • Note 16- Operating Lease • Note 18- Fund Balances • Note 20- Defined Benefit Pension Plan • Note 21- Contingencies and Commitments • Supplemental Schedules for additional analysis • Single Audit (compliance audit of the School District’s federal grants) and related reports • Introductory Section and Statistical Section are Unaudited

  20. Schedule of Expenditures of Federal Awards

  21. Schedule of Expenditures of Federal Awards Report on Internal Control over Financial Reporting • No Material Weaknesses or Significant Deficiencies Identified Report on Compliance with Requirements • No Compliance Findings

  22. This presentation is intended solely for the information and use of the management of Solanco School District and the School Board and is not intended to be and should not be used by anyone other than these specified parties.

  23. About trout, Ebersole & Groff LLP

  24. Our Community Leadership

  25. Your Partner • 20 years of experience • Expert in Audits of: • Employee Benefits • Governmental Agencies • Tax-Exempt Organizations • Member of: • American Institute of Certified Public Accountants • Pennsylvania Institute of Certified Public Accountants • Government Finance Officers’ Association • Pennsylvania Association of School Business Officials • Named one of Central PA’s • Forty Under 40 in 2009 Jill Gilbert, CPA, CGMA Email: jgilbert@troutcpa.com Direct: 717-358-9152

  26. LANCASTER OFFICE 1705 Oregon Pike, Lancaster, PA 17601 Phone 717-569-2900 · Toll Free 800-448-1384 · Fax 717-569-0141 CAPITAL REGION OFFICE 5000 Ritter Road, Suite 104, Mechanicsburg, PA 17055 Phone 717-697-2900 · Toll Free 800-448-1384 · Fax 717-697-2002 www.troutcpa.com

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