CLA presentatiom BVSD FY25 Audit - AC Exit Meeting 11.19.25.pdf (488 KB)

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Boulder Valley School District Audit Exit Presentation Year ended June 30, 2025 November 19, 2025 ©2024 CliftonLarsonAllen LLP. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.

Agenda

• Audit scope • Audit opinions and communications • Presentation of financial statements • Reporting timeline • Questions

Audit Scope

Report on the organization’s financial statements (Annual Comprehensive Financial Report, ACFR)

Internal control/ management letter

Required governance communications letter (will be provided upon issuance)

Report on internal control over financial reporting and on compliance and other matters (financial statements)

Report on internal control over compliance with major program requirements (federal awards) – pending due to Final OMB Compliance Supplement issuance

AUDIT RESULTS AUDIT OPINIONS

Financial statements

Financial statements No material weaknesses or significant deficiencies noted.

Financial statement audit opinion will be unmodified.

Overall

Governance Communications

• New accounting policy related to

implementation of GASB Stmt. 101, Compensated Absences. Change in accounting policy for capital asset thresholds.

Difficulties

• None noted

Uncorrected Misstatements

• One related to passed adjustment for

Estimates • No significant estimates noted.

Other • No disagreements with management. • Signed management representation will be attached to final issued governance communications letter.

prior year beginning balance related to GASB 101 implementation

Corrected Misstatements • One related to Peak to Peak contributed assets

Annual Comprehensive Financial Report (ACFR)

Independent Auditors’ Report (opinion) – plan for unmodified/clean opinion

Management’s Discussion and Analysis (MD&A)

Statement of Net Position

Statement of Activities

Fund Financial Statements

Notes to the Financial Statements

Required Supplementary Information (RSI)

Supplementary Statements and Schedules

Reporting Timeline • BVSD: Completing audit this week, Quality control review • • • •

process planned for next week Charters: Peak to Peak issued, Boulder Prep, Horizons, Summit and Justice planned for quality control review completion for end of this week Issuance week of December 1st BOE meeting December 9th Delay of Single Audit due to Compliance Supplement Issuance delay ©2024 CliftonLarsonAllen LLP

Questions and Feedback

We appreciate the opportunity to serve you and welcome any feedback relative to our performance and to the engagement.

Contact Information: Allison Slife, CPA Principal, State and Local Government Allison.Slife@CLAConnect.com | 303-439-6018 Kailee Kenyon, CPA Director, State and Local Government Kailee.Kenyon@CLAConnect.com | 303-265-7956 CLAconnect.com

CPAs | CONSULTANTS | WEALTH ADVISORS ©2024 CliftonLarsonAllen LLP. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. 9