SDOC Board receives Annual Audit Report

South Carolina law requires that each school district in the state provide the South Carolina Department of Education with a copy of its annual audit report for the prior fiscal year.  Reports must be in conformity with the statewide accounting system and the South Carolina Department of Education Financial Accounting Handbook. The external auditing firm of Stancil, Cooley, Estep, & Stamey, LLP, conducted the audit for the FY2012 of accounts maintained by the School District of Oconee County. The Board of Trustees for the School District of Oconee County received this report at the December meeting held on Monday.  A few details from the audit report include: District assets exceed liabilities by $131 million; Net assets increased $5.6 million primarily due to the increase in investments; The unassigned fund balance was $22 million which is 26.7% of the general fund expenditures; There is a decrease in the general fund balance by $3.3 million; Long-term debt was reduced by $1.7 million; and the District will need approximately $3.8 million of its FY2012 general fund balance to reconcile current revenues and expenditures in FY2013. The majority of funds to operate the district come from local tax revenues for its general operations. Grants from federal, state, and private sources comprise only 35% of total revenues. Other general revenues include, but are not limited to, unrestricted state grants, contributions, and interest earnings. The School District of Oconee County received an “unqualified opinion” from the auditing firm.  An “unqualified opinion” is one in which the auditor concludes that the financial statements give a true and fair view in accordance with the financial reporting framework of the financial condition of the organization.  A copy of the audit and other financial documents are readily available for public review on the district’s website at www.oconee.k12.sc.us.