Summary Statement -- Confluence Academy
Confluence Academy LEA recently received an unmodified opinion on an audit of the district's Financial Statements for the fiscal year that ended June 30, 2020. The areas covered under the audits, were accounting of financial statements, compliance with state law and compliance with laws governing federal programs.
An unmodified opinion is the best opinion any organization can receive. CliftonLarsonAllen, LLP performed the audit.
The report states, in part “in our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the organization as of June 30, 2020, and the changes in its net assets and its cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America.”
Confluence Academy LEA uses three major funds to account for its financial activity — the general fund, teachers’ fund, and capital projects fund.
Among all three funds, the report states that Confluence Academy LEA had total revenue of $46,901,940 for the 2020 fiscal year compared to $42,895,925 in fiscal year 2019. 2020 revenues by fund were $25,874,974 for the general fund, $20,981,250 for the teachers’ fund and $45,716 for the capital projects fund.
The report shows that general revenues accounted for $39,524,655 in revenue or 84% of all revenues. Program specific revenues in the form of operating grants and contributions accounted for $7,377,285 or 16% of total revenues.
The LEA had $42,217,094 of expenditures in fiscal 2020 compared with $42,691,026 in fiscal 2019.
The auditors report showed in total, net assets have increased by $8,353,599 for total net assets of $14,261,185 at fiscal year ended 2020.
The report shows balances for the general, teachers’ and capital projects funds totaled $10,125,380, $0, and $1,678,002 for a total governmental funds balance of $11,803,382 at fiscal year ended 2020.
The audit report can be viewed online by visiting www.confluenceacademy.org and clicking on the Information/Financial Reports/Audit link.