Francis Howell School District earns top marks on financial audit

Posted on 02/01/2022
Francis Howell School District has again received a clean audit showing that the District has appropriately safeguarded public resources. The audit examined multiple areas of accountability, including financial statements, grant compliance and use of coronavirus relief funds for the District’s fiscal year ending June 30, 2021. 

All Missouri school districts, including charter schools, are required to be audited annually and to submit a copy of the audit report to the Department of Elementary and Secondary Education.

The audit, performed by Schowalter & Jabouri, PC., divided the appraisal into three main parts: financial statements, state requirements and federal awards. The audit looked at the District’s payroll, purchases, accounts payable, use of funds, local revenue and expenditure accounts, assets (such as computers and other technology equipment), investments, and cash receipts.

The Francis Howell School District received an unmodified opinion on its audited financial statements. The unmodified opinion is the best a school district can receive and means the District is fairly presenting its financial statements in accordance with generally accepted accounting principles and is maintaining good internal controls over District finances.

The report determined that FHSD complied with local and federal laws and regulations.

Francis Howell is one of only a handful of school districts in the state to report its financial statements using the full accrual method of accounting to produce GAAP (Generally Accepted Accounting Principles) compliant financial statements.
 
“It takes a team effort to ensure that we are using public funds responsibly,” said Superintendent Nathan Hoven. “I am proud of the FHSD finance staff. The entire team is committed to using public funds in a thoughtful way. The audit is another example of our dedication to transparency and accountability.”

FHSD employees worked with auditors to review District payments, financial statements, budget data, operating costs, and payroll expenditures. The full report was presented at the December 16, 2021, Board of Education meeting. 

All of the reports for the 2020-2021 audit are available on the Francis Howell School District’s website. Click here to view the current year’s report, as well as audit reports from prior years.
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