Purpose of Audit

The purpose of our audit was to examine the District’s reserve funds for the period July 1, 2012 through March 24, 2014.

Background

The Nyack Union Free School District is located in the Towns of Clarkstown and Orangetown in Rockland County. The District is governed by an elected seven-member Board of Education and operates five schools with approximately 2,950 students. Budgeted appropriations for the 2013-14 fiscal year totaled approximately $75 million.

Key Finding

• The amount in the District's unemployment insurance reserve is enough to pay the District's average unemployment claims for approximately seven years.

Key Recommendation

• Routinely review reserve fund balances and determine if reserves are funded at appropriate levels and in accordance with statutory requirements and Board policy.