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A Perfect Audit

Posted on: May 22, 2020

Congratulations to the Madison Local School District Treasurer's Department on their Perfect Audit!

The Treasurer's Department works extremely hard to ensure our finances are managed and reported properly. Madison Local Schools met all of the required criteria of a “clean” audit report as outlined by the Auditor of State's office. 


  • The entity must file financial reports with the Auditor of State’s office by the statutory due date, without extension, via the Hinkle System and in accordance with GAAP (Generally Accepted Accounting Principles);
  • The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, Uniform Guidance (Single Audit) findings or questioned costs;
  • The entity’s management letter contains no comments related to:
    • Ethics referrals
    • Questioned costs less than the threshold per the Uniform Guidance
    • Lack of timely report submission
    • Bank reconciliation issues
    • Failure to obtain a timely Single Audit in accordance with Uniform Guidance
    • Findings for recovery less than $500
    • Public meetings or public records issues
  • The entity has no other financial or other concerns

Great job, Treasurer's Department!