Year Ending June 30, 2018
Basic Financial Statements Year Ending June 30 2018
Document Highlights Include:
Table of Contents -
Independent Auditors' Report
Management's Discussion and Analysis (Unaudited)
Basic Financial Statements:
- Statement of Net Position
- Statement of Activities and Changes in Net Position
- Balance Sheet - Governmental Funds
- Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds
- Reconciliation of Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to Statement of Activities
- Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position
Notes to the Basic Financial Statements:
Required Supplementary Information:
- Schedule of Changes in District's Total OPEB Liability and Related Ratio (Unaudited)
- Schedule of the District's Proportionate Share of the Net Pension Liability (Unaudited)
- Schedule of District Contributions (Unaudited)
- Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget (Non-GAAP Basis) and Actual - General Fund (Unaudited)
Supplementary Information:
- Schedule of Change from Adopted Budget to Final Budget and Real Property Tax Limit - General Fund
- Schedule of Capital Projects Fund - Project Expenditures and Financing Resources
- Combined Balance Sheet - Nonmajor Governmental Funds
- Combined Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds
- Net Investment in Capital Assets
- Schedule of Expenditures of Federal Awards
Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards
Schedule of Findings and Responses
Corrective Action Plan - Year Ending June 2018
Document Highlights Include:
November 14, 2018
Letter to NYS Education Dept.
In response to the Communicating Internal Control Related Matters Identified in an Audit for Year Ended June 30, 2018, the following corrective action plan shall be enacted:
1. The District will purchase necessary equipment for the operation of the School Lunch Program to bring the fund balance to a level within the legal limit.
Approved by the Board of Education on November 13, 2018.
Signed,
D. Todd Campbell
Superintendent of Schools
Extraclassroom Activity Funds
Document Highlights Include:
Independent Auditors' Report
Statement of Cash Receipts and Disbursements for year ended June 30, 2018
Notes to Financial Statement
Auditors' Findings and Evaluation
Extraclassroom Corrective Action Plan
Document Highlights Include:
Letter to NYS Education Department dated January 15, 2019
1. Profit & Loss Statements
2. Sales Tax
3. Donations
4. Deficit Cash Balance
Letter of Communication
Document Highlights Include:
Document Dated: October 4, 2018
Document From: Raymond F. Wager, CPA, P.C.
To the Board of Education
Letchworth Central School District, New York
We have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Letchworth Central School District for the year ended June 30, 2018, and have issued our report thereon dated October 4, 2018. Professional standards require that we provide you with the following information related to our audit.
A. Our Responsibility Under U.S. Generally Accepted Auditing Standards and Government Auditing Standards
B. Planned Scope and Timing of the Audit
C. Significant Audit Findings
- Qualitative Aspects of Accounting Practices
D. Difficulties Encountered in Performing the Audit
E. Corrected and Uncorrected Misstatements
F. Disagreements with Management
G. Management Representations
H. Management Consultations with Other Independent Accountants
I. Other Audit Findings or Issues
J. Other Matters
Management Letter
Document Highlights Include:
Document from: Raymond F. Wager, CPA, P.C
Document Dated: October 4, 2018
To the Board of Education
Letchworth Central School District, New York
In planning and performing our audit of the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the Letchworth Central School District, New York as of and for the year ended June 30, 2018, in accordance with auditing standards generally accepted in the United States of America, we considered the Letchworth Central School District, New York’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District’s financial statements will not be prevented, or detected and corrected on a timely basis.
Our consideration of internal control was for the limited purpose described in the first paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses. Given these limitations during our audit, we did not identify any deficiencies in internal control that we consider to be material weaknesses. However material weaknesses may exist that have not been identified.
Current Year Deficiency in Internal Control:
School Lunch Fund –
Federal Regulation #7 CFR Part 210.15 recommends the School Lunch Fund balance not exceed three months average expenditures. As of June 30, 2018, the District’s School Lunch fund balance totaled $111,085 and exceeded three months average expenditures in the amount of $26,385.
We recommend the District continue to closely monitor the School Lunch program and make every effort to comply with the Federal Regulation.
Other Item:
The following item is not considered to be a deficiency in internal control, however, we consider it an other item which we would like to communicate to you as follows:
Cyber Risk Management –
The AICPA Center for Audit Quality recently issued a cyber security risk management document discussing cyber threats that face both public and private entities. The District’s IT personnel routinely assesses cyber risk as part of their normal operating procedures. We recommend the District continue to document their cyber risk assessment process in writing which should include the risk assessment process, the frequency of the risk assessment, how findings are to be communicated to the appropriate level of management, and how the process will be monitored.
Prior Year Recommendation:
We are pleased to report the following prior year recommendation has been implemented to our satisfaction:
1. Vendor change reports are now being reviewed by an individual independent of the process.
This communication is intended solely for the information and use of management, the Board, audit committee, and others within the organization and is not intended to be and should not be used by anyone other than these specified parties.
We wish to express our appreciation to the business office staff for all the courtesies extended to us during the course of our examination.
Document Signed: Raymond F. Wager, CPA, P.C