Auditing firm releases audit report on Allamakee Community School District
Nolte, Cornman & Johnson P .C. 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 State of Iowa Auditor’s website at https://auditor.iowa.gov/audit-reports.
Among the financial highlights taken from the audit, the District’s revenues totaled $19,539,116 for the year ended June 30, 2024, a 1.21% increase from the prior year. Expenses for District operations for the year ended June 30, 2024 totaled $17,244,343, a 0.01 % decrease from the prior year.
Revenues from unrestricted state grants increased $931,837 which was the primary reason for the increase in total revenues. Support services program expenses decreased $438,136 which was the primary reason for the decrease in total expenses.
Nolte, Cornman & Johnson P.C. reported three findings found on pages 67 through 71 of this report. The findings address issues related to segregation of duties, the certified budget and questionable disbursements. Nolte, Cornman & Johnson P.C. provided the District with recommendations to address each of the findings. Two of the three findings discussed above are repeated from the prior year.
According to the audit report, the questionable expenditures discovered during the audit involved instances of the District paying sales tax on purchases. The District is a tax-exempt entity, therefore, expenditures for sales tax do not appear to meet the requirements for public purpose as defined by an Attorney General’s opinion dated April 25, 1979. The District agreed to review its purchasing procedures to ensure sales tax is not paid with District funds where possible, a response that was acceptable to the auditing firm.
The Community School District’s Board of Education has a fiduciary responsibility to provide oversight of the Community 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.
