Audit Confirms Huntington’s Strong Financial Position

An independent financial audit of Huntington UFSD financial operations by Cullen & Danowski, LLP, certified public accountants based in Port Jefferson Station has produced high grades. The audit confirmed the district is in a strong financial position with less than $900,000 in bonded long term debt.

The firm conducted a thorough review and examination of the district’s financial books, records and internal control procedures. The audit covered the period through the end of the last fiscal year, June 30, 2022.

The firm studied records, interviewed employees and documented the existing procedures in place. Sample transactions were tested for deficiencies and checked to determine if purchasing was in line with both Huntington School Board policies and the state law.

The audit showed effective segregation of duties among employees and revealed no discrepancies in the district’s books and records.

The audit showed that Huntington UFSD entered the current school year with $850,000 in bonded long term debt remaining on its books with $200,000 of it slated to be retired by June 30, 2023. By 2026 the entire debt will be eliminated.

The district also has a balance of $111,412 in lease liabilities with $21,759 of the debt scheduled to be paid by June 30, 2023. The existing lease liabilities will be eliminated by February 4, 2027. (The lease liabilities interest rate is 0.98 percent.)

The external audit was accepted by Huntington School Board members during a public meeting on October 17. The complete audit is available on the district’s website at www.hufsd.edu. Annual audits from past years are also posted.

Huntington Superintendent James W. Polansky, Assistant Superintendent for Finance and Management Services Kathleen Acker along with the district’s elected trustees have been unyielding in their insistence on maintaining tight internal control procedures and a culture of honesty and professionalism among staff members.

The district’s audit committee was presented with a detailed review of a draft version of the audit earlier this fall. The committee consists of Trustees Bill Dwyer and Kelly Donovan and former Trustee Richard McGrath, who is a CPA.

All of the separate funds maintained by the district were subject to the audit. The accounting firm’s findings were presented in two volumes along with a management letter. Both volumes and the letter are posted on the district website.