Frankfort Square Park District Receives Clean Bill of Health in Annual Financial Audit

Article Summary: The Frankfort Square Park District Board of Commissioners formally accepted the district’s annual financial audit for the fiscal year ending April 30, 2025, which found no areas of risk or material weaknesses and concluded the district is in a good financial position.

Audited Financial Report Key Points:

• The independent audit was completed by the firm Lauterbach & Amen, LLP.

• Auditors found no material weaknesses and issued an opinion with no exceptions.

• The report confirmed the park district has solid financial procedures and internal controls.

• The approved audit will be filed with the Will and Cook County Clerks and other financial bodies.

The Frankfort Square Park District Board of Commissioners on Thursday, August 21, 2025, unanimously accepted its annual audited financial report, which affirmed the district’s strong financial standing and sound internal controls.

The independent audit, covering the fiscal year that ended on April 30, 2025, was conducted by the accounting firm Lauterbach & Amen, LLP. Board President Craig Maksymiak, who along with Executive Director Audrey Marcquenski and Treasurer Frank Florentine reviewed the report in advance, presented the findings to the board.

“The independent audit is conducted annually to review internal controls,” Maksymiak reported. “An audit is not designed to detect fraud, but rather to identify areas of risk, and the auditors found no areas of risk within the Park District.”

He added that the management letter, a key component of the audit that highlights areas for attention, identified no material weaknesses. The accounting firm provided an opinion with no exceptions, signaling a clean bill of health for the district’s finances.

The board’s acceptance of the audit followed a motion by Commissioner Denis Moore, which was seconded by Commissioner Lauren Breedlove. In response to a question from Moore about the filing process, Marcquenski confirmed that, with the board’s approval, the comprehensive audit report would be officially filed with the Will and Cook County Clerks. It will also be provided to the Old Plank Trail Community Bank, the district’s bond counsel, and Standard & Poor’s, and filed with the Electronic Municipal Market Access (EMMA) system.

The vote to accept the financial report was unanimous among the members present: Lauren Breedlove, Phil Cherry, Frank Florentine, Ryan Holley, Joseph King, Craig Maksymiak, and Denis Moore.