C-M 201-U earns A+ on audit

Crete-Monee School District’s annual audit for Fiscal Year 2024-25 has earned an A+ rating.

An audit report by Lindsey Fish from the CPA firm Sikich last week gave the board of education reason to be proud.

Illinois School Code mandates that all school districts have accounts audited as of June 30 of every year. The audits must be performed by firms legally qualified to practice public accounting and then submitted to the regional superintendent of schools by October 15.

The audits are required to include the financial statements for the year and the auditor’s professional opinion or the reasons for a denial of that opinion.

Fish said her presentation would “summarize how the audit process works, the opinions issued, the single audit findings noted, some key financial and pension highlights, the status of the single audit, and the district’s ISB financial profile rating.”

She said the audit was conducted under generally accepted and government auditing standards.

Its purpose, she explained, was to “express an independent opinion on whether the district’s financial statements are presented fairly in accordance with generally accepted accounting principles.”

To do that, she explained, the firm examined internal controls, tested samples of transactions, confirmed account balances, and assessed compliance with laws and regulations.

“The goal of the audit is to provide reasonable assurance, not absolute assurance, focusing on areas of the highest risk.

“So, we issued an unmodified audit opinion. This is commonly referred to as a clean opinion.

“This is the type of opinion you want to receive on your financial statements,” she said. 

“This is the highest level assurance that we can provide. That means that, in our judgement, the financial statement present fairly in all material respects the district’s financial position and operations.”

Sikich also issued a report on internal controls and compliance under governmental auditing standards.

“That second opinion is required due to the amount of state and federal funding the district spends on an annual basis,” she said, adding the second report noted no non-compliance with laws and regulations.

“For financial highlights, the total General Fund balance was approximately $41 million, which is an increase from last year of $11 million. This gives you about six months worth of operating expenses within your fund balance, which is kind of in the ideal range of where you want to be, as far as reserves within your General Fund,” she told the board.

“Across all funds, you had an ending fund balance of $54.6 million, which was an increase of $5 million from the prior year.”

She noted the district made all required contributions to pension plans, and there were no pension-related audit issues.

“The district’s ISB financial profile score remains in the ‘Recognition Category.’

“This is the highest rating available.

“So this reflects that you have strong fund balance levels, healthy cash reserves, timely debt payments, and effective expenditure controls.

“So ‘Recognition’ status demonstrates continued fiscal stability and strong management practices.”

Concluding her presentation, Fish praised the Crete-Monee administration and the business office, adding, “It’s always a very smooth process working with the district.”

There was more good news  during the October 14 meeting, with the report the Crete-Monee High School NJROTC has received the Unit Achievement Award.

The award is presented annually to NJROTC units that demonstrate exceptional performance throughout the school year. It is the second-highest unit recognition in the program, just below the prestigious Distinguished Unit Award. 

C-M Supt. Kara Coglianese noted that it is “the second-highest award that can be achieved in the NJROTC.” 

“It is based on outstanding performance in manager’s inspection, cadet conduct, community service, and (participation in) field trips.”

Petty Officer First Class Vernon D. Reed told the board of education that “It is truly an honor to receive this Unit Achievement Award.

“Me, being the Senior Naval Science Instructor, I just want to make something clear, that this is not just for the unit,” he said.

“It’s all of the people who supported our program, such as this district, our principal, our school, all of our cadets, our Booster parents. We just get tremendous support with this program.

“With that being said, last year our Commanding Officer Rihanna Ascu and our Executive Officer Chelsea Rice – they’re both in college right now – but they went out of their way to try to make sure we received this award. Their goal was to do more than 5,000 community service hours, and it’s very unheard of to do 5,000 community service hours for a program of our size. It is very, very rare for a unit our size and this small to receive this Unit Achievement Award. So this is a prestigious award for us. It’s a great award, and it’s just the start of what’s going to be happening with this program. Our cadets are the best.

“I take great pleasure in receiving this award on behalf of…Crete-Monee High School. Thank you all very much for your support of this program.”

Board President Maurice “Mo” Brown praised Reed’s contribution to the district’s ROTC program.

“Chief  Reed, you have done such an excellent job,” he said “and it’s just going to stay with me, the phrase that you use: Our cadets are the best cadets.

“Every time they are out there in the community, I’ve seen them, how disciplined, how organized, how good they look, and how respectful they are. It just does my heart well. It would not happen if your leadership was not there, so thank you.”

Board Member Bill Sawallisch agreed and said: Without a doubt, he sets the tone. He sets the example, and they follow. The program wouldn’t be anywhere near where it’s at if it wasn’t for Petty Officer Reed.

“Great job.”