Martha’s Vineyard school districts earn high marks in audits

Martha’s Vineyard school districts earn high marks in audits

by -
0

The Martha’s Vineyard Regional High School (MVRHS) District and Up-Island Regional School District (UIRSD) received high marks from auditors in financial reports presented to the district school committees in back-to-back meetings Monday night.

Chris Rogers, a certified public accountant with Sullivan, Rogers and Company, said that the auditors’ opinion on both districts’ financial statements was unqualified, which is the best opinion possible. Mr. Rogers complimented school business administrator Amy Tierney and school financial personnel for being well-organized and providing documents in a timely fashion.

For the MVRHS District, the auditors reported net assets exceeded the district’s liabilities by $12,770,426 for fiscal year 2011 (FY11). The district’s total net assets decreased by $1,1446,446. The unassigned fund balance totaled $696,637, or 3.7 percent of the total general fund expenditures and transfers out.

Member town assessments for the high school came to $12,955,917, which is an increase of $161,714, or 0.98 percent more than FY10.

In a report on internal controls over financial reporting, compliance and Federal award programs, the auditors had a qualified opinion for a Special Education program in regard to payroll documentation. The auditors also repeated a recommendation from last year that the MVRHS district switch from Microsoft Excel software to a relational database program for its capital asset accounting.

In regard to the UIRSD, the auditors reported that the district’s net assets exceeded its liabilities by $525,984 at the close of FY11. Total net assets decreased by $143,792 from FY10. The unassigned fund balance totaled $408,080, or 4.3 percent of the total FY11 general fund expenditures.

UIRSD assessments for member towns Aquinnah, Chilmark, and West Tisbury totaled $8,075,396, which is an increase of $248,950, or about 3 percent more than FY10. The three towns also paid assessments of $250,285 for a capital projects construction fund.

The auditors’ management letter recommended that the UIRSD ensure that its Circuit Breaker fund balance not exceed the current year’s reimbursements from the state, conduct an annual audit of student activity funds, improve journal entries, and record retirees’ health and dental insurance payments as a liability.