EIN: 146001627
UEI: QNNRLW6JEQL9
Audited by: Telling & Hillman, P.C.
Oversight agency: 84 [Department of Education]
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Data as of September 7, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on October 21, 2025. 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 April 21, 2026 (141 days ago).
What is a management decision? →FAC accepted this audit on November 7, 2024 — management decision was due May 7, 2025.
FAC accepted this audit on October 25, 2023 — management decision was due April 25, 2024.
FAC accepted this audit on November 14, 2022 — management decision was due May 14, 2023.
FAC accepted this audit on November 1, 2021 — management decision was due May 1, 2022.
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.
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