Home Medford News Audit findings reported to board

Audit findings reported to board

The Medford Sun

A presentation of the 2011–2012 Comprehensive Annual Financial Report was given at the Nov. 26 Medford board of education meeting.

Keven Frenia, senior partner and owner of Holman and Frenia presented the audit findings.

A portion of the report included the independent auditor’s report, which classified the findings under the unqualified section.

“That’s the best report you can get,” said Frenia. “That means we’re not making any qualifications to the state. It means you’re within the financial guidelines. It’s the best report Medford has had in quite awhile.”

The general fund balance, where most of the operations are funded, has gone up in the past year by approximately $1.4 million, in addition to a $1.5 million in excess surplus.

“Excess surplus is the surplus that we have after we take into account all the reservations for the next period’s budget,” said Frenia.

The district is allowed to keep 2 percent of that fund. It is then required to use the rest of the fund toward next year’s budget, according to Frenia.

Frenia made two recommendations to the district.

The first recommendation deals with student activities. Currently, the internal controls are not run uniformly throughout the district, Frenia is recommending the district change its procedure to ensure proper collection and use of the funds stemming from student activities.

The second recommendation is for an appraisal to be completed to guarantee that proper capital asset values and depreciation amounts are being properly reported in the district’s financial statements.

“We’re really pleased with the fact that we had two minor recommendations,” said superintendent of schools Joseph Del Rossi. “Right now we need to make minor adjustments to have more consistency. It’s all good.”

The Medford Education Foundation presented its new grant initiative program at the meeting.

According to the statement read at the meeting, the funds will be used exclusively for additional institutional projects and will not replace state or local funds for school operating expenses or teachers’ compensation.

The grant program was designed to support educational projects and programs not funded by the district.

“It is the goal of the Medford Education Foundation that this grant program will spark innovation in our schools and give teachers the opportunity to put their creative ideas to work in the classroom,” said Tommie Ann Gibney, president of the Medford Education Foundation in the statement.

The grants will be awarded twice a school year by the foundation.

Taunton Forge third grade students presented their “Helping Hands” project, put together by their teacher, Stacy Kasse.
The year-long project is meant to help people in need throughout the area and overseas.

Students have helped an animal shelter, Operation Christmas Child, raised $329 for Alex’s Lemonade Stand and bagged lunches for those who may have gone hungry without.

In other news: the proposed revision to the policy on student teachers was approved.

Previously, the district was charging a fee for students in need of practicum hours and field observation. Since the implementation of charging fees to colleges for field experience, there have been no student teachers in the district, according to Del Rossi.

Colleges will no longer be charged a fee for field experience.

During public comment, multiple parents expressed their concern about large kindergarten class sizes, a concern that has been brought to the attention of the board multiple times.

According to Del Rossi, a board committee will meet the first week of December to discuss what needs to be done to provide a full-day kindergarten, and if the district can accommodate the classes.

The next board of education meeting will be held Dec. 17 at 7 p.m. at the Memorial Middle School located at 55 Mill St.

Exit mobile version