EIN: 146001627
UEI: QNNRLW6JEQL9
Data as of August 22, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on November 1, 2021. Under 2 CFR 200.521(d), a pass-through entity that provided federal funds to this organization for this audit period must issue a management decision on these findings by May 1, 2022 (1575 days ago).
What is a management decision? →2021-001 Excess Unassigned Fund Balance Condition and criteria: The District?s unassigned fund balance was 15.9%of next year?s general fund budget. Context: According to New York State Real Property Tax Law Section 1318, a district?s unassigned fund balance may not exceed an amount equal to 4% of next year?s budget. Cause: Unknown Potential effect: There is the potential that the State of New York could withhold state aid until the unassigned fund balance is at 4% of next year?s budget. Recommendation: We recommend the District keep in mind this property tax law when preparing next year?s budget.
Show full finding ▾Hide full finding ▴2021-001 Excess Unassigned Fund Balance Condition and criteria: The District?s unassigned fund balance was 15.9%of next year?s general fund budget. Context: According to New York State Real Property Tax Law Section 1318, a district?s unassigned fund balance may not exceed an amount equal to 4% of next year?s budget. Cause: Unknown Potential effect: There is the potential that the State of New York could withhold state aid until the unassigned fund balance is at 4% of next year?s budget. Recommendation: We recommend the District keep in mind this property tax law when preparing next year?s budget.
Summary of finding: The District?s unassigned fund balance was 15.9% in excess of next year?s general fund budget. According to New York State Real Property Tax Law Section 1318, a district?s unassigned fund balance may not exceed 4% of next year?s budget. Statement of Concurrence or Nonconcurrence: We agree with the finding of the independent auditor. Corrective Action: Lake Placid Central School District has taken a conservative approach to spending as state aid remains uncertain. The Board of Education plans to use its fund balance in the future budgets to provide stability to the taxpayers in a fiscally responsible manner. Contact person: Dana Wood, School Business Administrator, phone (518) 523-2475, dwood@lakeplacidcsd.net
Data source: This information comes from the Federal Audit Clearinghouse, the official repository of Single Audit data. All data is public domain. Verify this organization's audit history at fac.gov.
Track your findings and corrective action plans across audit cycles.
Start tracking findings →Monitor subrecipient audit findings and compliance status.
Start monitoring →© 2026 Single Audit Intelligence. All data is public domain.