Annual audit report released for Allamakee Community School District

Nolte, Cornman & Johnson P.C. of Newton recently released an audit report on the Allamakee Community School District in Waukon. A copy of the audit report is available for review on the Auditor of State’s web site at https://auditor.iowa.gov/audit-reports.

The District’s revenues totaled $17,363,803 for the year ended June 30, 2021, a 3.78% increase from the prior year. Expenses for District operations for the year ended June 30, 2021 totaled $16,401,681, a 2.57% increase from the prior year.

The increase in total revenues was due in part to increases in revenues from operating grants, contributions and restricted interest compared to the prior year. The increase in total expenses occurred primarily in the support services function.

Nolte, Cornman & Johnson P.C. reported four finding found on pages 64 and 68 of this year’s report. The findings address issues such as a lack of segregation of duties, questionable expenditures, certified enrollment, and inactive student accounts. Nolte, Cornman & Johnson P.C. provided the school district with recommendations to address the findings.

One of the four findings discussed above is repeated from the prior year. The Allamakee Community School District’s Board of Education has a fiduciary responsibility to provide oversight of the school district’s operations and financial transactions. Oversight is typically defined as the “watchful and responsible care” a governing body exercises in its fiduciary capacity.