Auditor awards school district for financial reporting
Treasurer credits many within the district
Doug Beeman
WADSWORTH – The school district once again received a thumbsup for financial reporting from the state auditor’s office.
Treasurer Doug Beeman recently announced that Wadsworth City Schools was awarded the Auditor of State Award.
“I think this is our fourth year in a row to receive the award and we have received the award five years out of the last six,” Beeman said.
The Auditor of State Award is presented to local government and school districts upon the completion of a financial audit. According to the state auditor’s office, entities must meet certain criteria of a “clean” audit report.
The entity must file timely financial reports with the state auditor’s office in accordance with Generally Accepted Account Principals. The audit report also must not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, single audit findings or questioned costs.
Also, the management letter that comes along with the audit must contain no comments related to ethics referrals, questioned costs less than $10,000, lack of timely report submission, reconciliation, failure to obtain a timely single audit or findings for recovery less than $100.
“Auditors come in and take a lot of look at our grants, especially federal grants,” Beeman said. “They want to make sure we are properly adhering to all of the policies. They also want to make sure we have adequate controls in place and that we are doing things the way we are supposed to.”
Beeman said good financial reporting is crucial for the district and can also help to save taxpayer dollars.
“We get rerated each year by Standard and Poor’s and that rating can really impact us when we have outstanding debt or want to refinance current debt which we are looking into doing,” he said. “It can save the community a lot of money. Also, when we are applying for a grant, they want us to submit our audit report to make sure we are adhering to things properly.”
While it is the responsibility of the treasurer and his office to set good financial policies, Beeman said a clean audit wouldn’t be possible without the help of many people within the district.
“There are a lot of people who impact the finances of the district,” Beeman said. “Anybody in any of our buildings who collects money or makes purchases or does ordering are involved. It’s kind of scary from my perspective how many people touch money in the district, but we have the right people in place doing things the way they are supposed to.”
Treasurer Doug Beeman recently announced that Wadsworth City Schools was awarded the Auditor of State Award.
“I think this is our fourth year in a row to receive the award and we have received the award five years out of the last six,” Beeman said.
The Auditor of State Award is presented to local government and school districts upon the completion of a financial audit. According to the state auditor’s office, entities must meet certain criteria of a “clean” audit report.
The entity must file timely financial reports with the state auditor’s office in accordance with Generally Accepted Account Principals. The audit report also must not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, single audit findings or questioned costs.
Also, the management letter that comes along with the audit must contain no comments related to ethics referrals, questioned costs less than $10,000, lack of timely report submission, reconciliation, failure to obtain a timely single audit or findings for recovery less than $100.
“Auditors come in and take a lot of look at our grants, especially federal grants,” Beeman said. “They want to make sure we are properly adhering to all of the policies. They also want to make sure we have adequate controls in place and that we are doing things the way we are supposed to.”
Beeman said good financial reporting is crucial for the district and can also help to save taxpayer dollars.
“We get rerated each year by Standard and Poor’s and that rating can really impact us when we have outstanding debt or want to refinance current debt which we are looking into doing,” he said. “It can save the community a lot of money. Also, when we are applying for a grant, they want us to submit our audit report to make sure we are adhering to things properly.”
While it is the responsibility of the treasurer and his office to set good financial policies, Beeman said a clean audit wouldn’t be possible without the help of many people within the district.
“There are a lot of people who impact the finances of the district,” Beeman said. “Anybody in any of our buildings who collects money or makes purchases or does ordering are involved. It’s kind of scary from my perspective how many people touch money in the district, but we have the right people in place doing things the way they are supposed to.”