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District receives ‘conforming’ financial audit

By Erika Pedroza | Published Saturday, November 17, 2012

The Northwest ISD School Board Monday approved the district’s Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2012. Haynes and Associates P.C. rendered the district’s financial statements “fairly presented in conformity with GAAP (generally accepted accounting principles).”

The independent audit is part of a broader, federally mandated “Single Audit” designed to meet the special need of federal grantor agencies.

This report includes four sections – introductory, financial, statistical and single audit.

As part of the report’s approval, the board signed a pair of resolutions. One committed $1,455,868 in special revenue funds as campus activity funds and dispersed the money to the schools where the money was generated. Another assigned fund balance to two accounts – $25,922,849 for general fund – construction and $35,819,479 for capital project funds – construction.

The firm also offered a few suggestions, “ways we can do business better” on management of Netbooks and travel receipts/reimbursements, and reported progress on last year’s suggestions – open purchase order procedures and purchase of capitalized fixed assets, using year-end open purchase orders.

“This is a good opportunity for us to have a peer group, in an accounting sense, come in and look at what we’re doing and suggest how we could do it better, as opposed to the audit, where you’re talking about material control breaches and problems that require adjusting of the accounting statements, which did not occur,” Chief Financial Officer Jon Graswich said. “We welcome these (suggestions), to be honest. We always like to think that we’re perfect, but … ”

Previously in the meeting, the board had recognized the district’s finance department for receiving the Certificate of Excellence in Financial Reporting from the Association of School Business Officials (ASBO) International and Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) for the last year’s CAFR.

The board also honored the curriculum department and Highly Qualified ESL Teachers; and Charles Cooper for receiving the 2012 Outstanding Teaching of Humanities Award.

In other news, trustees:

  • set a $18,118,071 guaranteed maximum price for elementary school No. 17. This amount is lower than the GMP for Schluter Elementary, the district’s last fast-track and most comparable project.
  • reviewed the Texas Association of School Board’s local policy update 95 and a district local policy update on community relations/school volunteer program.
  • heard reports on construction, the adopted budget for 2012/2013, math/science district effectiveness and engagement summary conducted by Disbursement Review. The company reviewed vendor transactions made between July 1, 2010, and June 30, 2011, to identify and recover supplier overpayments and under-deductions. The firm recovered $4,768.34 from five claims.

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