Zionsville Community Schools – 3/12

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Summary:The Zionsville Community Schools Board of Trustees learned at the March 12 meeting the State Board of Accounts has completed and released the audit for the school corporation. The district received a clean audit report with no audit findings related to management of funds, compliance with state and federal regulations or internal controls.

What it means:The State Board of Accounts is the state’s official audit agency, and by law, performs an outside independent audit of the school district. The audit covered the time period from July 1, 2009, through June 30, 2011.

“This report is the state of Indiana’s way of saying we are managing our finances well and are in full compliance with the highest fiscal standards for schools,” said Mike Shafer, district chief financial officer.

The only audit finding throughout the district involved an elementary school extra-curricular account that had an inadvertent overdraft of $152 resulting from money deposited and spent from the wrong fund. The employee involved has been retrained. The auditors noted in their official report: “…This is not a recurring issue, and has been corrected in the period subsequent to the audit.”

What’s next:The School Board also received notice the members will vote at their April meeting to approve an interfund loan due to diminishing cash balances in the General Fund account used for direct classroom expenses. This will be the first time the district has had to employ an interfund loan to cover this expense due to a diminishing cash balance in the General Fund related to decreased state funding. The General Fund is prohibited by law from having a negative cash balance.

The regularly scheduled April 9 monthly board meeting has been canceled; the alternate April 23 meeting will be used instead.

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