Auditor of State, Keith Faber released Kenston’s Audit Report of the 2020 fiscal year. He issued an unmodified opinion on the district’s financial statements extending the district’s long history of clean audits. This is the highest level of audit opinion. The report also states that Kenston had no material weaknesses, significant deficiencies, or areas of non-compliance. The district also received a clean opinion overall on its system of internal controls.
Each year the State Auditor will also issue recommendations to their clients on areas that could be improved. Treasurer, Paul Pestello, is proud that the district has successfully implemented recommendations issued in prior years. The Fiscal Office continues to examine their financial procedures to ensure that they are in compliance with state law and deliver the highest quality of service to staff, students, and the Kenston community. You can view the 2020 Comprehensive Annual Financial Report.
The Comprehensive Annual Financial Report (CAFR) is the district’s audited annual financial report prepared in accordance with accounting principles generally accepted in the United States of America. The CAFR provides a range of information on the district’s financial position and is used for various constituencies, including area residents, federal and state governmental agencies and debt companies.
The CAFR is comprised of three major sections: introductory, financial, and statistical. The introductory section provides general information on the district’s structure, services and environment. The financial section contains the auditors’ opinion, balance sheets, statements of revenues, expenditures and changes in fund balance, and budget basis statements. The statistical section provides trend data and non-financial data for additional analysis of the district.