The Lakewood City School District has been awarded the Auditor of the State Award for excellence in financial reporting for the fiscal year 2018 as determined by the office of Auditor Keith Faber.
The Auditor of State Award is presented to local governments and school districts upon the completion of a financial audit. Entities that receive the award meet the following criteria of a “clean” audit report:
- The entity must file timely financial reports with the Auditor of State’s office in accordance with GAAP (Generally Accepted Accounting Principles);
- The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, Single Audit findings or questioned costs;
- The entity’s management letter contains no comments related to:
• Ethics referrals
• Questioned costs less than $10,000
• Lack of timely report submission
• Failure to obtain a timely Single Audit
• Findings for recovery less than $100
• Public meetings or public records
- No other financial or other concerns exist that involve eligible entity.
“We are proud to receive this award for the 2018 school year,” said District Treasurer Kent Zeman. “We take our stewardship of our taxpayers’ dollars very seriously and this award confirms we are doing everything necessary to be transparent and responsible with those dollars.”