Eaton RESA Shares Annual Audit Results
District Earns Highest Assurances Possible
Charlotte, MI - During the Eaton Regional Education Services Agency (RESA) Board of Education meeting on October 18, Maner Costerisan, public accounting firm, presented results from their annual audit of the district’s financial statements for the year ending June 30, 2023.
For the eighth year in a row, Eaton RESA earned the highest assurances possible for all examined financial statements and documents.
Eaton RESA takes part in required annual audits and shares the current status of the district’s financial condition with the Board of Education and on the district’s website. The audit examines the district’s basic financial statements which are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements.
“Eaton RESA has provided all required documents and responded to all of our requests timely and accurately throughout the audit process,” said Dave Nielsen, CPA, principal Maner Costerisan. “Upon completing our risk assessment and audit, we have concluded Eaton RESA is in compliance and we can give them the highest level of assurance possible for the financial statements, as well as the special education cluster audited during the Single Audit.”
In addition to the regular, annual audit, Eaton RESA was required to take part in a Federal Single Audit which examined the Special Education cluster. Auditors issued an unmodified report, the highest assurance possible for this audit.
“This report outlines all funds that come into the Eaton RESA and shows exactly how we pass that money to our local districts and to students,” said Dr. Sean Williams, Eaton RESA superintendent. “One of our primary functions as a RESA is to support our local districts by managing funds for programs like special education, career technical education and early childhood services,” said Williams.
Notable in the final report, Eaton RESA’s revenue from local property taxes, making up about 25% of district funding, has decreased over time due to the Headlee Amendment Rollback. This rollback of millage funds occurs when taxable values increase at a higher rate than inflation resulting in a reduction in millage funds for the district.