Lincoln-Way 210 Receives Clean Audit, Financial Profile Score Downgraded to ‘Review’

Lincoln-Way Community High School District 210 Meeting | November 20, 2025

Article Summary: Lincoln-Way District 210 received a clean, unmodified opinion for its Fiscal Year 2025 audit, the highest rating possible. However, the district’s estimated Financial Profile score from the Illinois State Board of Education was downgraded from “Recognition” to “Review” due to an accounting rule related to the district’s recent bus purchases.

FY2025 Audit Report Key Points:

• The audit, conducted by Wermer, Rogers, Doran & Ruzon, resulted in a clean, unmodified opinion on the district’s financial statements.

• The district’s state Financial Profile score is projected to be 3.35, or “Review,” down from “Recognition” in the previous two years.

• The score change was primarily caused by the accounting treatment for purchasing school buses with debt certificates, which negatively impacts the expenditure-to-revenue ratio calculation.

• A management letter noted three areas for improvement, none of which were considered significant deficiencies.

NEW LENOX — The Lincoln-Way Community High School District 210 Board of Education on Thursday, November 20, 2025, accepted its annual financial report for the fiscal year ending June 30, 2025, which included the highest possible audit opinion but also a projected downgrade in its state financial profile score.

Katie Napier, a partner with the auditing firm Wermer, Rogers, Doran & Ruzon, presented the findings, confirming the district received a “clean, unmodified opinion.” She stated, “That’s the best type of audit opinion that you can get. That’s the kind that you want to have.” The audit found no material weaknesses, significant deficiencies, or instances of non-compliance.

However, Assistant Superintendent Michael Duback explained that the district’s estimated Financial Profile score from the Illinois State Board of Education (ISBE) is expected to drop from “Recognition” (the highest tier) to “Review.” The score of 3.35 out of 4.0 is primarily due to a decline in the expenditure-to-revenue ratio, a direct result of the district’s decision to purchase school buses rather than lease them.

“That is not any indication whatsoever that Lincoln Way is headed in the wrong direction financially,” Duback said. He explained that under ISBE’s formula, the expenditure for the buses is counted against the district, but the debt certificate proceeds used to buy them are not counted as direct revenue, skewing the ratio. “We made the right financial decision with buying the buses and saving taxpayers money,” he added.

The audit also included a standard management letter with three recommendations for improvement:

1. Capital Asset Inventory: A repeat comment suggesting a physical inventory of capital assets valued over $5,000.

2. Expenditures in Excess of Budget: The Debt Service and Life Safety funds exceeded their budgets due to technical accounting requirements for leases and bond proceeds, which did not affect overall fund balances.

3. Deposit Collateralization: On the last day of the fiscal year, a large fund transfer briefly left the district under-collateralized at its bank. Duback attributed this to a timing issue and said procedures would be adjusted to provide the bank with more notice for large transfers.

Napier and Duback confirmed these were minor comments and not considered significant deficiencies.