FREWSBURG — A financial audit of the Frewsburg School District showed the district is in good compliance with New York state.

At a recent meeting, Frewsburg School Board members received the audit results from Buffamante, Whipple and Buttafaro, the district’s independent auditor based in Jamestown. However, the BWB report did note, in accordance with government auditing standards, one deficiency with internal control over financial reporting and one instance of noncompliance. No other issues were found, said BWB representative James Alexander.

“There were two items that we (BWB) identified. One was related to internal controls, and that was due to the fact that we (BWB) provided some assistance in preparing your financial statements. That’s not uncommon in the school district arena to have your auditors provide that level of assistance,” Alexander said.

The noncompliance issue was with the unassigned fund balance. The unassigned fund balance should not be in excess of four percent. It is a state requirement, Alexander told board members.

The district’s 2022-23 budget was about $20.5 million.

“At the end of the 2022-2023 school year, you were roughly 12 percent. It did exceed the four percent threshold, and so we (BWB) were required to communicate that,” Alexander said.

A fund balance, Alexander said, is looked at as a good measuring point of the financial health of any organization or any school district. Alexander said that the unassigned fund balance stood at about $2.8 million, and if the district met the state requirement, the unassigned fund balance would have been about $800,000.

In a report on internal control and on compliance in accordance with uniform guidance, BWB found the district complied with each of its major federal programs for the previous school year.

“I have to say how appreciative I am of the business office, but of the administrators that oversee our federal grants. Those (grants) were quite unexpected, but we are very happy to have that money, but with it came a lot of strings, and making sure that everything was organized and spent appropriately,” said Superintendent Shelly O’Boyle.