The annual audit of the West Windsor-Plainsboro school district’s finances not only showed that the district has maintained good financial standing, it actually led to an award.
The certificate of excellence in financial reporting award comes from the Association of School Business Officials, an international organization, reported Superintendent Victoria Kniewel on October 27.
District auditor Scott Clellan of Wiss and Company, of New Jersey and New York told the board that only 19 districts throughout the state received the award. In addition, “it’s not a New Jersey award; it’s an international award,” he told them.
During his summary of the audit report, he told the board that “from a financial position outlook, your fund balance increased, which is a good thing.” In addition, the board worked through challenges and still came up strong financially. For example, the state deferred the last state aid payment to all districts, including WW-P, which means the board had less cash flow through July of this year, “and you were still able to work around it.”
Clellan’s only warning was to ensure its administration has a “good handle” on how the federal stimulus money the district receives is spent because it will be heavily scrutinized.
A publicly available summary of the audit includes recommendations for improvement. They include that the district ensure it receives goods and services before making payments for those items; that supporting information for receipts contains dates and purposes; that all schools follow the district’s internally adopted policies when opening new bank accounts; and that all schools perform cash reconciliations on a monthly basis.
