Auditor: System in ‘good position’
By By Clif Knight, Hartselle Enquirer
An audit of Hartselle’s school system for fiscal 2007-08 passed every test with flying colors, according to a report the school board received from MDA Professional Group of Huntsville.
Chares H. Adams, CPA reported total assets at $22.7 million and liabilities at $6.5 million, leaving net assets at $16 million.
Many school board funds are restricted by the state in how they can be used.
Adams commended the board on having $1.8 million set aside as a reserve fund.
Adams said one discrepancy in financial recordkeeping was noted in the audit and it was resolved before the audit process began.