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Rodney O. Jackson, MBA, C.S.F.O., GMC District Financial Services
Fayette County Public Schools
11/21/16
Audit Procurement Process
• Open & Competitive Bids
• Comprehensive Request For Proposal (RFP)
• Give priority to auditor’s qualifications Skills, Knowledge, and Expertise
Resources
• Audit Cost
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Strothman and Company
• Bill Meyer, Managing Partner
• Jeanna Jones, Partner on site
Audit Services- 3 Audits
• District Wide
• School Activity Funds
• Federal Grants Audit
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Audit Engagement Letter & other written agreement
State Committee for School District Audits (SCSDA)
Annual Audit Contract - Due May 28th
Audit is performed July 1 through November 15th
Audit is due November 15th
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Goal - Minimize the risk of a substandard audit
• Select a quality auditor
• Assist Auditor to perform a quality audit
• Protect the revenues and expenditures of the district so that ALL kids have access to resources to become college and career ready
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Review proposed adjustments & management comments with responses -ask questions
Prepare Financial Statements & MD&A
Facilitate an exit conference
Submit Audited AFR & Balance Sheet - Due Nov. 15th to KDE and post audit at www.fcps.net
Verify Audit Report submitted by the auditor on Nov. 15th
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The audit was presented on November 10th ◦ In detail to The Audit Committee appointed by the board
◦ In summary to Fayette County Board of Education
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Independent Auditor’s Report
Management’s Discussion and Analysis (MD&A)
Basic Financial Statements: • Government-Wide Financial Statements
• Fund Financial Statements
• Notes to the Financial Statements
Required and Other Supplemental Information
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Notes to the Financial Statements
Required Supplementary Information
• Budget Comparison Information
• Combining Balance Sheet
• A-133 Single Audit Report - 2 CFR part 200, subpart F
Schedule of Expenditures of Federal Awards (SEFA)
Notes to the SEFA
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Required Supplementary Information
• Schedule of Findings & Questioned Costs (if any)
• Management comments & responses
• (current & prior year)
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Financial Statements • Fair presentation
• Reasonable assurance
• Materiality
Goal - The financial statements to be free of misstatements significant enough to matter to a user or adversely affect a user’s decision-making.
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Auditor’s Opinion
• Unmodified “CLEAN”
• This is the Highest Opinion possible
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Fund Balance- Balance at the end of Fiscal Year as of June 30, 2016
• Excess of revenues over expenditures
• Increased from $36.4 to $49.5 Million
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Financial Performance - Personal
• Net Position: Increased $28 million
oOn behalf revenue and expenses $78.9 million
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We experienced an increase in fund balance and net position for 2 consecutive years.
Bond Rating and School Construction/Renovation • Improved credit
• Lower interest rates
• Assists with Facilities Plan
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THANK YOU!
• Financial Services Team:
o Becky Riley, Associate Director Accounting/Tax
o Tiffany Williams, Associate Director Finance
o Tracy Dennis, Associate Director Employee Benefits
o Jill Garrett, MUNIS Support Analysis
oQuoya Shegog, Grant Accountant
oNick Clark, Payroll Accounting Manger
o Entire Financial Services and Audit Committee Team
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