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Audited Financial Statement

Posted by admin on December 21, 2011

Audited Financial Statement

December 21, 2011 at 1:44 PM

Scott Walker and Benji Waser, auditors with Meyers Norris Penny LLP, Laurel Kvarnberg, Finance Manager, and Marty McCrea, Accounting Coordinator of Black Gold Regional Schools, attended the November 30th meeting to present the Audited Financial Statements.

Mr. Waser reviewed the Audited Financial Statements for the Black Gold Regional Division No. 18 for the period September 1, 2010 to August 31, 2011. The new Independent Auditors’ Report was also explained. The Independent Auditors’ Report concludes that the financial statements present fairly, in all material aspects, the financial position of Black Gold Regional Division No. 18 as at August 31, 2011 and the results of its operations, cash flows, and changes in net assets and capital allocations for the year, then ended in accordance with Canadian accounting standards for not-for-profit organizations. The operating revenues in the Statement of Revenues and Expenses totalled $91,544.529. Revenue exceeded expenditures by $1,100,273.

Mr. Walker addressed the Board on the Audit Findings Report for the Year ending August 31, 2011. The auditors have satisfactorily completed their audit and are prepared to sign the Auditor’s Report after the Board of Trustees’ review and approval of the financial statements. An Independence Letter was submitted to the Board confirming that Meyers Norris Penny LLP is independent of Black Gold Regional Division No. 18.

Mr. Walker reviewed the Management Letter which confirmed that the accounting system is operating as intended and that the accounting staff has maintained the file and accounting records very well, with consistent attention to detail and to overall accounting issues. Mr. Walker acknowledged the excellent cooperation and assistance they received from management and staff of Black Gold Regional Division No. 18.

Trustee Lemke acknowledged that these excellent results have been continuous for the past several years. Superintendent Yanitski expressed appreciation for the high integrity of our staff at Central Office, in the schools, and the auditors’ staff. Chairman Koroll also expressed thanks to staff.

Secretary-Treasurer Andres also expressed appreciation to Laurel Kvarnberg and Marty McCrea for their extra time and hard work as they are consistently looking at control procedures and making sure that standards are being maintained.

The Board accepted the Black Gold Regional Division No. 18 Audited Financial Statements and the Auditors’ Management Letter for the year ending August 31, 2011 for submission to Alberta Education, and acknowledge receipt of the Audit Findings Report, Letter of Auditors’ Independence and Unaudited Schedules to the Financial Statements for the year ended August 31, 2011.