Lakewood Schools Get Clean Audit Award From State

LAKEWOOD, OH — The Lakewood City Schools have been honored by the state for submitted a clean audit report.

The Auditor of State Award is given to entities that comply with several state guidelines and produce an "excellent" financial report. The award recipients are determined by Ohio's Auditor of State Kent Faber.

“We are proud to receive this award for the 2018 school year,” said Lakewood's Treasurer Kent Zeman. “We take our stewardship of our taxpayers’ dollars very seriously and this award confirms we are doing everything necessary to be transparent and responsible with those dollars.”

To submit a clean audit report, an entity must:

• File timely financial reports with the state and meet Generally Accepted Accounting Principles
• Submitted audits cannot contain findings for recovery, material citations, material weaknesses, significant deficiencies, Single Audit findings, or other defects
• There can be no other financial concerns that involve the entity
• The entity must not have negative comments related to a variety of fields, including public meetings, reconciliation, failing to obtain a timely Single Audit, etc.