Year Ending June 30, 2021

Document Highlights Include: 

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

Schedule of the District's Proportionate Share of the Net Pension Liability

Schedule of District Contributions

Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget (Non-GAAP Basis) and Actual - General Fund

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

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

Document Highlights Include:

Document Highlights Include: 

Independent Auditors' Report

Statement of Cash Receipts and Disbursements for year ended June 30, 2021

Notes to Financial Statement

Auditors' Findings and Evaluation

Document Highlights Include: 

Document Dated: February 14, 2022

1. Sales Tax - The High School Principal and Central Treasurer will provide additional training for club advisors and student treasurers on applicable New York State sales tax laws and verify invoices and to be sure sales tax is paid on applicable items that are not intended for resale.

Completion Date: this action was completed by January 31, 2022

2. Inactive Clubs - The High School Principal will review the status of the inactive clubs (SADD and National Honor Society Jr Club) and if future financial transactions are not anticipated, the accounts will be closed in accordance with Board of Education Policy.

Completion Date: this action was completed by January 31, 2022

Approved by Board of Education on February 14, 2022

Signed by D. Todd Campbell - Superintendent of Schools

Document Highlights Include: 

October 7, 2021

We have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Letchworth Central School District, New York for the year ended June 30, 2021, and have issued our report thereon dated October 7, 2021. 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 OMB Uniform Guidance

As stated in our engagement letter dated March 30, 2021, our responsibility, as described by professional standards, is to express an opinion about whether the financial statements prepared by management with your oversight are fairly presented, 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.

In planning and performing our audit, we considered the Letchworth Central School District, New York’s internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinions on the financial statements and not to provide assurance on the internal control over financial reporting. We also considered internal control over compliance with requirements that could have a direct and material effect on a major federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Uniform Guidance.

As part of obtaining reasonable assurance about whether the Letchworth Central School District, New York’s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit. Also, in accordance with OMB Uniform Guidance, we examined, on a test basis, evidence about the Letchworth Central School District, New York’s compliance with the types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Uniform Guidance applicable to each of its major federal programs for the purpose of expressing an opinion on the Letchworth Central School District, New York’s compliance with those requirements. While our audit provides a reasonable basis for our opinion, it does not provide a legal determination on the Letchworth Central School District, New York’s compliance with those requirements.

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 March 30, 2021.

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 Statement No. 84, Fiduciary Activities and GASB Statement No. 90, Majority Equity Interest, an amendment of GASB Statements No. 14 and No. 61. 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 7, 2021.

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. Compliance with All Ethics Requirements Regarding Independence

The engagement team, others in our firm, as appropriate, and our firm have complied with all relevant ethical requirements regarding independence. Safeguards in place to eliminate or reduce threats to independence to an acceptable level include a skilled, knowledgeable and experienced Business Official who reviews draft financial statements prior to issuance and accepts responsibility for them.

K. 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 by Mengel, Metzger, Barr & Co LLP