District 113A board OKs audit firm, bank
The Board of Education at Lemont-Bromberek Combined School District 113A will have a new audit firm and a new bank beginning next school year.
The board, during a special meeting Wednesday, April 14, voted 5-1 to hire Mulcahy, Pauritsch, Salvador & Co. as the district’s new audit firm. Janet Hughes cast the lone dissenting vote. The firm was awarded a three-year contract with a low bid of $81,600.
Knutte & Associates has been the district’s audit firm for the last three years. The board in 2007 decided to bid out for a new audit firm every three to five years, said District 113A Superintendent Tim Ricker.
“Boards like to get a set of fresh eyes looking at financials,” Ricker said.
The district also will switch from a cash basis to an accrual method of auditing, at the recommendation of its financial advisor, PMA, as well as financial representatives from the Illinois State Board of Education, Ricker said.
The accrual method makes it easier and more transparent to track district finances, Ricker said.
“You have a better way of back-tracking to find out why revenues are down, he said.
The board also voted 5-1 to approve a new bank. Hughes cast the lone dissenting vote.
The district will switch banking services from Lemont National Bank to Suburban Bank and Trust. This is the first time the district has switched banks.
“Over the last couple years, we were interested in more of an update on technology for banking services,” Ricker said.
Proposals were sent to nine area banks, and three responded, Ricker said. The three-year contract with Suburban Bank and Trust will include no fees, and will offer the district services like online banking and remote deposits.