Lorain County JVS Receives Auditor of State Award

A recent financial audit of Lorain County JVS by the Auditor of State’s office has returned a clean audit report. The school district’s excellent record keeping has earned it the Auditor of State Award.

The JVS Treasurer’s Office provides financial services to our students, parents, employees, and vendors. Other responsibilities include monitoring and analyzing all financial activity and providing financial leadership to the district through board policies and procedures, state and federal legislation and sound fiscal practice.

JVS Treasurer, Cory Thompson said his office is committed to providing the highest level of fiscal integrity and safekeeping of all district funds. “We take the management of taxpayer dollars very seriously.”

The Auditor of State Award is presented to local governments and school districts upon the completion of a financial audit. Entities that receive the award meet the following criteria of a “clean” audit report:

  • The entity must file timely financial reports with the Auditor of State’s office in accordance with GAAP (Generally Accepted Accounting Principles);
  • The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, Single Audit findings or questioned costs;
  • The entity’s management letter contains no comments related to:
    • Ethics referrals
    • Questioned cost less than $10,000
    • Lack of timely report submission
    • Reconciliation
    • Failure to obtain a timely Single Audit
    • Findings for recovery less than $100
    • Public meetings or public records