A recent financial audit of the Stow-Munroe Falls City School District by Auditor of State Dave Yost's office has returned a clean audit report.
The district's excellent record keeping has qualified it for the Auditor of State Award with Distinction.
"Accurate bookkeeping enables school districts to focus on their chief duty education," Auditor Yost said. "The district's clean audit demonstrates its commitment to both its students and taxpayers."
TheAuditor of State Award with Distinctionis presented to local governments and school districts upon the completion of a financial audit. Entities that receive the award meet the following criteria of a "clean" audit report:
The entity must file timely financial reports with the Auditor of State's office in the form of a CAFR (Comprehensive Annual Financial Report);
The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, Single Audit findings or questioned costs;
The entity's management letter contains no comments related to:
- Ethics referrals
- Questioned costs less than $10,000
- Lack of timely report submission
- Failure to obtain a timely Single Audit
- Findings for recovery less than $100
- Public meetings or public records
No other financial or other concerns exist that involve eligible entity.