External Audit Cites Strong
Internal Controls
The Huntington School Board accepted an excellent independent financial audit of its books and practices during a public meeting of the trustees last week in the Jack Abrams School auditorium.
Cullen & Danowski, LLP, certified public accountants based in Port Jefferson Station conducted an extensive examination and review of the district's financial books, records, checks and balances and internal control procedures, spending a month in the district over the past year studying an assortment of documents and analyzing operations.
Jill S. Sanders, CPA of Cullen & Danowski, LLP said the firm found "the district is in very good condition." She noted the district reduced its expenditures, including salaries and benefit costs to meet with the loss of federal aid, yet still managed to add to its reserve funds, including the capital reserve fund that allows for renovations to school buildings.
The audit covered the fiscal year that began July 1, 2011 and ran through June 30, 2012. The audit included an interview of various business office employees. Procedures were documented and sample transactions were tested for deficiencies and checked to determine if they were conducted in accordance with district policies and state law.
"This district has a very good internal control structure in place," Ms. Sanders said. The audit found no significant deficiencies or control weaknesses. Trustees and Huntington Superintendent James W. Polansky and Assistant Superintendent for Business Sam Gergis have all expressed their support for exceptionally tight internal control practices as well as a culture of honesty and professionalism in all business office operations and across the district.
Auditors found the 2011/12 fiscal plan was a "good viable budget" despite the loss of $3 million in federal stimulus funds. "You lived within the budget," Ms. Sanders said. "Your financial statement looks well."
Ms. Sanders noted that the "strength of the financial statement" has resulted in borrowing costs that averaged 0.22 percent during the period audited. "I would like to be borrowing at that rate," she deadpanned.
"The positive outcome comes as no surprise as we maintain tight financial controls and appropriate checks and balances," Mr. Polansky said. "The taxpayers deserve no less. We will continue to exercise the necessary eye for detail as guided by the audit process."
The audit findings were presented in two volumes along with a management letter that included a handful of recommendations for improving operations.