Iowa Valley CSD audit released

Kay L. Chapman, CPA PC, Muscatine, has released an audit report on the Iowa Valley Community School District, Marengo.

The district’s revenues totaled $8,544,206 for the year ended June 20, 2022, a 6 percent increase over the prior year. Expenses for district operations totaled $7,093,690, a 10 percent decrease over the prior year. The increase in revenues is due mostly to increases in property taxes, changes for services and statewide sales tax. The decrease in expenditures is due to decreases in instructional expenses and capital projects.

Chapman reported five findings related to the receipt and expenditure of taxpayer funds. They can be found on pages 73 to 77 of the report. The findings address issues such as a lack of segregation of duties, purchase orders not properly utilized, questionable expenditures and material misstatements not detected. Chapman provided the district with recommendations to address these findings.

The district’s board of education has a fiduciary responsibility to provide guidance over the district’s operations and stewardship over the district’s finances. The board is responsible for the governance and leadership of the district.

A copy of the audit report is available for review in the district secretary’s office, in the Office of the Auditor of State and on the Auditor of State’s web site at https://auditor.iowa.gov/audit-reports.