Audit report released for ROCSD

Nolte, Cornman & Johnson P.C. released an audit report on the Red Oak Community School District in Red Oak.
Financial Highlights
The District’s revenues totaled $18,007,391 for the year ended June 30, 2021, a 7.30% increase from the prior year. Expenses for the District operations for the year ended June 30, 2021 totaled $17,096,448 a 3.30% increase from the prior year. The increases in revenues was primary from an increase in operating grants, contributions and restricted interest while the increase in expenses was primarily due in the support services functional area.

Audit Findings
Nolte, Cornman & Johnson P.C. reported seven findings founds on page 66 through 71 of this report. The findings address issues related to segregation of duties, timely deposits, certified budget, questionable expenditures, certified enrollment, officiating contracts, and inactive student activity fund accounts. Notle, Cornman & Johnson P.C. provided the District with recommendations to address these findings.

Three of the seven findings discussed above are repeated from the prior year. The Community School District’s Board of Education has a fiduciary response 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.

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.