Year Ending June 30, 2019
Document Highlights Include:
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)
- 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
- Combining Balance Sheet - Nonmajor Governmental Funds
- Combining Statement of 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
Document Highlights Include:
Document dated October 28, 2019.
Response to the Communicating Internal Control Related Matters Identified the following corrective action plan shall be enacted:
1. The Treasurer will record ICS transfers and electronic transfers on a timely basis, and report these entries to the Business Administrator for review monthly.
2. The claims auditor will receive additional training and detailed procedures on the bank reconciliation process for review and reporting.
Document Highlights Include:
Document Prepared by: Raymond F. Wager, CPA, P.C.
Document Dated: October 4, 2018
A. Our Responsibility Under U.S. Generally Accepted Auditing Standards and Government Auditing Standards
As stated in our engagement letter dated February 20, 2018, our responsibility, as described by professional standards, is to express an opinion about whether the financial statements prepared by management with your oversight are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles. Our audit of the financial statements does not relieve you or management of your responsibilities. As part of our audit, we considered the internal control of Letchworth Central School District, New York. Such considerations were solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of Letchworth Central School District, New York’s compliance with certain provisions of laws, regulations, contracts, and grants. However, the objective of our tests was not to provide an opinion on compliance with such provisions.
B. Planned Scope and Timing of the Audit
We performed the audit according to the planned scope and timing previously communicated to management and the Board in our engagement letter dated February 20, 2018.
C. Significant Audit Findings
Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by Letchworth Central School District, New York are described in Note 1 to the financial statements. The new accounting pronouncements which were implemented were GASB 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, GASB 85, Omnibus 2017, and GASB 86, Certain Debt Extinguishment Issues. We noted no transactions entered into by the governmental unit during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the proper period.
Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events effecting them may differ significantly from those expected. Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. There were no individually sensitive disclosures affecting the financial statements.
D. Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our audit.
E. Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. In addition, none of the misstatements detected as a result of audit procedures and corrected by management were material, either individually or in the aggregate, to the financial statements taken as a whole.
F. Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor’s report. We are pleased to report that no such disagreements arose during the course of our audit.
G. Management Representations
We have requested certain representations from management that are included in the management representation letter dated October 4, 2018.
H. Management Consultations with Other Independent Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the governmental unit’s financial statements or a determination of the type of auditor’s opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants.
I. Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the governmental unit’s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention.
J. Other Matters
We applied certain limited procedures to the management’s discussion and analysis, schedule of changes in District’s total OPEB liability and related ratio, schedule of District’s proportionate share of the net pension liability, schedule of District contributions, and budget comparisons, which are required supplementary information (RSI) that supplements the basic financial statements. Our procedures consisted of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management’s responses to our inquires, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We did not audit the RSI and do not express an opinion or provide any assurance on the RSI.
We were engaged to report on supplementary information accompanying the financial statements (as listed in the table of contents) but are not RSI. With respect to this supplementary information, we made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves.
This information is intended solely for the use of the Board of Education and management of the Letchworth Central School District, New York and is not intended to be and should not be used by anyone other than these specified parties.
Document Signed: Raymond F. Wager, CPA, P.C.