2009-10 Auditor's Report

Slide 1: 

Auditors’ Report to the Board of Education October 21, 2010 Susan Barossi, Partner Brian Kenneally, Senior Bronxville Union Free School District

Auditors’ Responsibility Under Auditing Standards Generally Accepted in the United States of America : 

Auditors’ Responsibility Under Auditing Standards Generally Accepted in the United States of America Perform the audit in accordance with auditing standards generally accepted in the United States of America and ensure that the audit was designed to achieve reasonable rather than absolute assurance that the financial statements as of and for the year ended June 30, 2010 are free of material misstatements Communicate in writing deficiencies in internal control that we consider to be significant deficiencies and material weaknesses—our audit identified control deficiencies Advise management of appropriateness of accounting policies and their application—appear appropriate for the District Communicate any fraud or illegal acts that was noted during the course of our audit, however, our audit cannot be relied upon to identify all instances of fraud or illegal acts—no instances/suspicion or allegations of fraud were noted Page 1

Auditors’ Responsibility Under Auditing Standards Generally Accepted in the United States of America (Continued) : 

Auditors’ Responsibility Under Auditing Standards Generally Accepted in the United States of America (Continued) Unqualified opinion on financial statements No change in scope of the audit No material errors, frauds, or illegal acts identified No immaterial frauds or illegal acts identified No instances/suspicion or allegations of fraud were noted during conduct of audit Page 2

Communication of Other Matters : 

Communication of Other Matters Internal Accounting Controls - reviewed within the context of our audit. We did not identify any deficiencies in internal control that we consider to be material weaknesses Management’s Judgments and Accounting Estimates—appear appropriate Audit Adjustments—no material adjustments Other Information in Documents Containing Audited Financial Statements—MD&A appears reasonable Difficulties encountered during audit—no unresolved matters No Disagreements with Management No Consultation by Management with Other Accountants with the exception of the Internal Auditors as required Independence not impaired Page 3

Financial Highlights – General Fund Balance Sheet : 

Financial Highlights – General Fund Balance Sheet Page 4

Financial Statement Highlights – General Fund Revenues and Expenditures SummaryYear Ended June 30, 2010 : 

Financial Statement Highlights – General Fund Revenues and Expenditures SummaryYear Ended June 30, 2010 Page 5

General Fund – Fund Balance Analysis June 30, 2010 : 

General Fund – Fund Balance Analysis June 30, 2010 Page 6

Slide 8: 

Historical Retirement Rates Page 7

Other Post Employment Benefit Obligations : 

The number of participants as of June 30, 2010 was as follows: Other Post Employment Benefit Obligations Page 8

Slide 10: 

Other Post Employment Benefit Obligations Page 9

Slide 11: 

Communications of Internal Control Matters Control deficiency - A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. Significant deficiency - A significant deficiency is a deficiency, or combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Material weakness - A significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected. We did not identify any deficiencies in internal control that we consider to be material weaknesses. Page 10

Slide 12: 

Control Deficiencies Identified During the Audit Segregation of Duties – Compensating controls in place to offset the lack of segregation Capital Projects Fund – Management indicated outstanding projects to be closed Opportunities for Strengthening Internal Controls and Operating Efficiency Page 11 Extraclassroom Activity Fund – 1 club financially inactive in fiscal 2010 whose intent is to be financially active in fiscal 2011 Special Purpose Fund – Inactive accounts identified and discussed with management New Matters Application of Standard – GASB Statement No. 54 – Fund Balance Reporting and Governmental Fund Type Definitions

Slide 13: 

THANK YOU One Grand Central Place 60 East 42 Street New York, NY 10165 212.286.2600 500 Mamaroneck Avenue Harrison, NY 10528 914.381.8900 One Stamford Landing 62 Southfield Avenue Stamford, CT 06902 203.323.2400 1 Barker Avenue White Plains, NY 10601 914.421.5600 Dorothy B. Kraft Center 15 Essex Road Paramus, NJ 07652 201.712.9800 555 Hudson Valley Avenue New Windsor, NY 12553 845-220-2400