Marlboro school board gets
high marks on ’01-02 audit
By jeanette M. eng
Staff Writer

MARLBORO — The Board of Education received a pat on the back at its 2001-02 school year audit.

"You should be especially proud of being ahead of 330 other districts in your early implementation of Government Accounting Standard Board 34 (GASB 34)," said Walter J. Brasch, the board’s auditor, at a Dec. 17 meeting.

Brasch was referring to a new accounting model which all surrounding school districts will begin implementing in their audits in the coming year.

"The new accounting model presents the financials in an easier to understand manner and depicts the board of education as a business," said Cindy S. Barr-Rague, the K-8 school district’s business administrator.

Other advantages of GASB 34 include the recording of depreciation, the use of the accrual basis of accounting and the addition of the Management Discussion and Analysis section which gives a detailed big picture in layman’s terms, Brasch said.

After more than 18 years of development, the GASB 34 model has been in effect since 1999 and is in its implementation phase, according to Brasch.

Marlboro’s elementary school district and the Freehold Regional High School District were the first two local districts to begin using that system in the 2001-02 school year.

"We fell into the category of districts between $10 million and $100 million and were supposed to implement GASB 34 next year," Barr-Rague said. "No one was supposed to do it this year."

Barr-Rague said the school district’s audit team worked diligently since early August, targeting the Nov. 5 deadline.

"The process was more difficult with the new model," said Barr-Rague, "but it is definitely an improvement. It’s a clear document that gives us a good financial picture of where the district is."

In addition to successfully implementing the GASB 34 model, the board received a perfect audit.

"I found no areas of non-compliance, no questionable costs and no areas of material weakness," Brasch reported.

According to Brasch, the board closed the year with $2.4 million which will be used for emergency funds. Usually, 3 to 5 percent of (the board’s budget) should be retained and the (district) stayed within that range, said Brasch.

The board’s budget for the 2001-02 school year was about $47 million.

The audit shows a well-managed budget, said Brasch.

"We received a good report and a good start on this new model," said Barr-Rague.

Already looking ahead to next year, the business administrator added, "We’re going to tweak things a little bit next year and get our fixed assets where we want them to be. It’s a challenge ... an enjoyable challenge."

In other business, the board passed a resolution calling on the New Jersey School Boards Association to support legislation that would mandate that all in-state and out-of-state colleges and universities require any student teacher or intern assigned to a public school to undergo a criminal history review.

Also, board member Cynthia Green, who is chairwoman of the board’s construction committee, reported that all five contractors who are working on the Marlboro Memorial Middle School missed their Dec. 12 completion date. She said the contractors are scheduled to complete construction of the school on Nolan Road by Jan. 15.

About 900 seventh- and eighth-grade students are now expected to move from the Marlboro Middle School into the new school in February, according to the board.