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, 2019. 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. RubinBrown, 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 respective financial position of the organization as of June 30, 2019, and the changes in its 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 bond fund.
Among all three funds, the report states that Confluence Academy LEA had total revenue of $42,895,925 for the 2019 fiscal year compared to $41,721,147 in the fiscal year 2018. 2019 revenues by fund were $21,959,881 for the general fund, $20,879,895 for the teachers’ fund and $56,149 for the bond fund.
The report shows that general revenues accounted for $35,811,859 in revenue or 84% of all revenues. Program-specific revenues in the form of operating grants and contributions accounted for $7,084,066 or 16% of total revenues.
The LEA had $42,691,026 of expenditures in fiscal 2019 compared with $45,190,973 in fiscal 2018.
The auditors report showed in total, net assets have increased by $1,507,419 for total net assets of $5,907,586 at fiscal year ended 2019.
The report shows balances for the general, teachers’ and bond funds totaled $5,713,305, $0, and $1,985,449 for a total governmental funds balance of $7,698,754 at fiscal year ended 2019.