The Malverne School District is proud to report that over the past three years, the district has substantially improved the operation and management of its business office according to the opinion of its external auditors, RS Abrams & Co. The Malverne School District has also established a positive financial position, enabling it to earn a AA3 Moody’s rating, which raises the district’s credit score and gives it a much more attractive interest rate for loans. In fact, when borrowing the money for the recent bond referendum, the interest rate was so much better than anticipated that it will result in a $1.67 million savings for taxpayers over the life of the bond.
 
The district has also achieved increased transparency in all of its financial documents, earning Malverne a “No Significant Deficiencies” classification during their annual audit. Only three minor recommendations were noted on this audit, a significant improvement by comparison with past audit reports. Based upon the audit, Malverne’s external auditors, R.S. Abrams, did not identify any deficiencies in internal control over final reporting considered to be material weakness.
 
At the Board of Education meeting on Oct. 9, 2012, R.S. Abrams publicly recognized the district’s improvement financial position. “The district is currently in a better financial position than many other districts on Long Island,” the representative stated. The auditor further commented upon the effectiveness of the business office, under the leadership of Thomas McDaid, Jr. Esq. during the last three years.
 
A copy of Malverne’s audit report can be found on the district’s website at www.malverne.k12.ny.us.