SIKESTON -- The Sikeston R-6 School District received a "clean audit" report for the 2010-2011 school year during the regular school board meeting Tuesday.
Michael A. Radake, certified public accountant with Van de Ven LLC of Cape Girardeau, presented the audit of the 2010-2011 school year to the school board.
"You have a very clean audit report here and a very good audit report," Radake told school board members.
Radake said the district was in compliance with state laws and regulations regarding budgetary and disbursement procedures.
"There were no compliance and control issues," Radake said.
Total net assets were $12.5 million, which increased a total of $3,622,743 when compared to the value of net assets in 2009-2010.
However, Radake said not to be misled by the $3.6 million increase since it was due to the function of cash-basis of accounting.
"With cash-basis, you recognize revenue when you receive the cash and recognize expenses when you spend the cash. Therefore, the numbers of this increase are a little bit inflated this year because of expenditures and reimbursements on those expenditures hitting in the current year," Radake said.
The increase in net assets was due largely to the receipt of 2009-2010 federal grant payments after July 1, 2010, resulting in a crossover of fiscal years for the payments.
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