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School district receives Auditor of State Award

April 27, 2017
By J.T. Whitehouse , The Town Crier

Following a recent financial audit of Canfield Local School District by the Auditor of State's office, the school district received a clean audit report and earned the Auditor of the State Award for its record keeping.

The Auditor of State Award is presented to local governments and school districts upon the completion of a financial audit. Entities that receive the award have met the specific criteria to be considered a "clean" audit report.

"It means the [audit] findings can't have any recovery, which means money that has to be paid back when it is miss-spent or miss-appropriated," school Treasurer Patricia Prince said.

According to a recent news release, the entity must file timely financial reports with the Auditor of State's office in accordance with generally accepted accounting principles.

The audit report also must not have any comments related to ethics referrals, questioned costs less than $10,000, lack of timely report submissions, failure to obtain a timely single audit, findings for recovery less than $100 and the keeping of public meetings or public records.

Besides handling the funds for the entire district, Prince also must be aware of the latest regulations affecting school district budgets. The regulations could come from federal or state, which can mean extra work to stay compliant.

"It is getting harder with more and more regulations," Prince said. "I put in a lot of hours just to make sure our deadlines are met."

Prince holds a c-a in Ohio. To maintain that license, she must put in 180 hours of professional development over a five-year period. Often, those training hours will include the new regulations and how to deal with them.

Prince does have one other license that helps make the treasurer's tasks a little easier.

"I am a certified public accountant, or CPA," she said. "That license is renewed every three years and also requires training."

Prince said Canfield has earned the Auditor of State Award for several consecutive years. She said when the state first came out with the award, Canfield received it.

"We have an obligation to our community to be fiscally responsible as we provide the best possible opportunities for our students," she said. "I am proud to receive this award again."

 
 

 

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