Nolte, Cornman & Johnson P.C. today released an audit report on Independence Community School District in Independence, Iowa.
The District’s revenues totaled $22,548,291 for the year ended June 30, 2020, a 0.99% increase from the prior year. Expenses for the District operations for the year ended June 30, 2020 totaled $20,792,339, a 0.03% decrease from the prior year. Unrestricted state grants increased $264,470 contributing to the increase in revenues. The decrease in expenses occurred primarily in the instruction function.
Nolte, Cornman & Johnson P.C. reported two findings found on pages 73-75 of this report. The findings address issues related to the certified budget and supplementary weighting. Nolte, Cornman & Johnson P.C. provided the District with recommendations to address each of the findings.
None of the two findings discussed above are repeated from the prior year. 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.
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.