At its Feb. 19 meeting, the Pagosa Peak Open School (PPOS) Board of Directors accepted the school’s audit report for the fiscal year ending June 30, 2024, with the school receiving a clean opinion.
Jessica Bogner of audit firm Wall, Smith and Bateman presented the audit.
Bogner began her report to the board by stating PPOS received an unmodified opinion before walking through portions of the audit with the board.
Bogner also explained auditors are required to be skeptical and noted that audits are not 100 percent guarantees because not everything is tested.
She noted that PPOS had a negative unrestricted fund balance, but that, without costs related to Other Post-Employment Benefits, commonly referred to as OPEB, and pensions, it would be pretty even.
“The year ended June 30, 2024 is the seventh year of operations for PPOS. As of June 30, 2024, net position decreased by $222,645 to $1,048,164,” the financial highlights portion of the audit report states. “This balance includes the result of the implementation of regulations under the Governmental Accounting Standards Board Statement (GASB) Numbers 68 and 75.”
Bogner also noted the school can’t operate without it’s per-pupil revenue.
The audit report notes that 59 percent of the school’s revenues came from per-pupil funding in 2024.
It adds, “The operations of the School are funded primarily by tax revenue received under the Colorado School Finance Act in Per Pupil Revenue. Such revenue for the year was $1,151,238. At the close of the fiscal year, Pagosa Peak Open School’s governmental funds reported an ending fund balance of $463,274, an increase of $42,702 from the prior year.”
Later in the presentation, Bogner noted the school had no “overbudgets” for the audit year.
“So, that’s great,” she said.
She added PPOS is following the budget closely, which means the school is budgeting realistically.
Bogner also noted the $222,000 decrease in net position, with board treasurer Pamela Meade later clarifying that the negative was approved by the board.
Bogner capped off her presentation by noting the audit went well.
The audit report was accepted unanimously by the board.
Other business
In other business at the meeting, the board:
• Voted to extend a three-year contract offer to School Director Emily Murphy.
During discussion on the matter, after board president Lawrence Rugar suggested a three-year contract with raises, board secretary Bill Hudson expressed concern about the state budget deficit and previous cuts to education funding in 2009.
He suggested the board may want to make salary decisions year by year.
• Interviewed and subsequently voted to add Chris Frederics to the board for a three-year term until May 2028.
• Heard that PPOS students are pacing with Archuleta School District students on measures of academic growth, according to assessment results.
• Heard a self-evaluation report from Murphy related to the school’s strategic plan goals.
randi@pagosasun.com
