Receipt Details
- Agency
- Indiana State Board of Accounts
- Date
- March 27, 2026
- Type
- Audit Report
- Status
- Filed
Vault Summary
The Indiana State Board of Accounts reviewed and accepted the audit report prepared by Crowe LLP for the Jennings County School Corporation covering July 1, 2023 through June 30, 2025. The audit was conducted on a regulatory basis per Indiana statute, and the financial statements fairly present cash and investment balances and related receipts and disbursements on that basis. Crowe LLP issued an unmodified opinion on the regulatory basis of accounting but an adverse opinion on U.S. GAAP due to differences in accounting bases. The report notes findings and includes a management corrective action plan. The School Corporation’s financials include receipts, disbursements, and balances by fund. The School Corporation maintains various funds, with some deficits noted related to timing of reimbursements, which are expected to be resolved with future receipts. The School Corporation has capital lease agreements with the Jennings County School Building Corporation for facilities improvements. Subsequent event noted includes the issuance of $2.9 million in General Obligation Bonds in November 2025 for facility renovations, with payments scheduled through 2034.
Key Facts
- Audit period: July 1, 2023 to June 30, 2025
- Audit performed by Crowe LLP, reviewed by Indiana State Board of Accounts
- Unmodified opinion on regulatory basis accounting, adverse opinion on U.S. GAAP
- Findings reported on pages 39-45 with management corrective action plan on pages 46-48
- Cash and investment balances reported by multiple funds as of June 30, 2025
- Some funds had temporary deficits related to grant reimbursements or underestimated requirements
- Capital leases with Jennings County School Building Corporation for school renovations
- $2,900,000 General Obligation Bonds issued in November 2025 for multi-facility renovation, payments due through 2034
Money Amounts
- Total receipts for period July 1, 2023 to June 30, 2025: approx. $73 million
- Total disbursements for same period: approx. $74 million
- Cash and investments total ending balance June 30, 2025: approx. $14.2 million
- Capital lease payments approx. $3.29 million annually for 2023-2025
- General Obligation Bonds issued November 2025: $2.9 million
Watch Items
- Monitor resolution of fund deficits especially Annuities Clearing fund deficit as of June 30, 2025
- Follow-up on findings detailed pages 39-45 and management corrective action on pages 46-48
- Monitor payments and provisions related to newly issued General Obligation Bonds for facilities
Documents to Request Next
- Schedule of Findings and Questioned Costs pages 39-45
- Management's Corrective Action Plan pages 46-48
- Supplemental report prepared for Jennings County School Corporation
- Notes detailing the capital lease agreements
- Details on the General Obligation Bonds issued in November 2025
Possible Public-Safe Article Angle
The Jennings County School Corporation completed its financial audit for fiscal years 2024 and 2025, as reviewed by the Indiana State Board of Accounts. The audit found that the financial statements fairly present the School Corporation's cash and investment activities under state-prescribed accounting standards. Notably, the auditors reported some differences when measured against federal accounting standards but confirmed compliance with state regulations. The School Corporation is responsibly managing multiple funds and addressing deficits related to timing differences in grant reimbursements. It is also undertaking facility improvements funded through capital leases and recent bond issuance, ensuring investments in school infrastructure.
Draft Notes
The Indiana State Board of Accounts recently filed the financial audit report for the Jennings County School Corporation covering fiscal years 2024 and 2025. Conducted by the accounting firm Crowe LLP, the audit confirmed that the school corporation's financial statements fairly represent its cash and investment positions according to Indiana's prescribed accounting basis. The audit report notes some accounting differences under federal standards but found no compliance concerns under state rules. The school corporation manages numerous funds to support operations, debt service, capital projects, and grants, some of which had temporary deficits related to timing of federal reimbursements. The corporation is also engaged in capital lease agreements with the Jennings County School Building Corporation to support school facility renovations, with recent issuance of $2.9 million in General Obligation Bonds for multi-facility upgrades scheduled for completion in coming years. The School Board and administration are advised to monitor the corrective action plan addressing noted findings and continue prudent financial management of funds and debts.