Stanly County Schools receives clean audit report
Published 5:50 am Tuesday, January 9, 2024
On Thursday, the Stanly County Board of Education unanimously approved an audit report produced regarding the financial performance of Stanly County Schools during the 2022-23 fiscal year ending June 30, 2023.
Andy Deal, a partner with the accounting firm of Anderson, Smith and Wike, PLLC, presented the report to board members.
Deal said as of June 30 of last year, SCS had a fund balance of $2,374,277, saying the fund balance increased by approximately $1.6 million and the growth was “good news.”
“A lot of districts across the state are breaking even or even losing fund balance in the general fund,” he said. “The fact that you were able to add that much to your general fund balance is definitely a win for the year, for sure.”
The amount of Stanly’s fund balance, he said, was around 3% of the $66 million SCS received from the state.
Board member Dustin Lisk said the fund balance is an emergency fund.
Deal said stimulus funding would be “winding down soon” so any positions SCS would want to keep, the schools will “have to pay it from somewhere.”
SCS also had a clean report regarding auditor reports, according to Deal. The only problem, he added, was regarding a federal award of $959,865, which was held by the Board for more than two years. Federal program requirements state funds must be dispersed two business days from the date the money is deposited.
The audit found the board should “implement controls so that federal funds are expended or returned to the oversight agency in a timely manner.” The finding was a repeated one from the previous year’s audit. The correction, according to the audit, means “management will return the excess funds received and implement controls and procedures to ensure that federal funds are expended in a timely manner.”