What is a Single Audit for school districts?

A Single Audit is a federally required annual audit for organizations that spend $750,000 or more in federal funds. It examines whether federal money was used properly and whether internal controls are adequate. School districts receiving Title I, IDEA, or other federal grants must undergo this audit.

What do audit opinions mean (Unmodified, Qualified, Adverse)?

An Unmodified opinion means the auditor found no material issues — the district's finances are fairly presented. A Qualified opinion means there were specific issues, but the rest of the financials are reliable. An Adverse opinion means significant problems were found that affect the overall financial statements.

What is a Financial Profile designation?

State education agencies assign each district a Financial Profile score (1-4) based on fund balance, expenditures, and debt. A score of 4 (Recognition) is the healthiest. A score of 1 (Financial Watch) signals serious financial distress requiring state oversight.

What are audit findings and corrective action plans?

Audit findings are specific problems identified during the audit, such as missing documentation, noncompliance with grant terms, or internal control weaknesses. For each finding, the district must submit a corrective action plan explaining how they will fix the issue and prevent it from recurring.

Colona, IL School District Audit Reports & Financial Scores 2026

Select Your District

Your assigned district depends on your home address within town.

Audits & Financial Healthi

FACNCES

Districts

0/1

Clean Audits

4/4

Healthy

Financial health scores and federal audit results for school districts serving your community.

What are school district audits & financial profiles?

Single Audits are required by federal law for any organization spending $1M+ in federal awards. An independent auditor reviews financial statements and compliance with federal program requirements.

An unmodified (clean) opinion means no significant issues were found. A material weakness indicates a serious gap in financial controls that could lead to misstatement of financial reports.

Financial Profile evaluates each school district on five financial indicators — fund balance, spending patterns, cash reserves, and debt levels — assigning a score from 1.00 to 4.00 and a designation:

Recognition: Strong financial position (3.50-4.00)

Review: Adequate financial position (2.50-3.49)

Early Warning: Potential concerns (1.50-2.49)

Watch: Significant concerns (1.00-1.49)

Sources: FACNCES

Financial Healthi

Colona SD 190Healthy

Strong financial position — well-managed reserves and spending

Financial Profile Score3.90 / 4.0

Better than 47% of districts statewide

Geneseo CUSD 228Adequate

Adequate financial position — meets minimum standards

Financial Profile Score3.45 / 4.0

Better than 9% of districts statewide

Orion CUSD 223Healthy

Strong financial position — well-managed reserves and spending

Financial Profile Score3.90 / 4.0

Better than 47% of districts statewide

United Twp HSD 30Healthy

Strong financial position — well-managed reserves and spending

Financial Profile Score4.00 / 4.0

Better than 66% of districts statewide

Audit Opinionsi

Colona SD 190Adverse

Most recent audit found serious concerns. Clean audits in 2 of 2 years (100%).

Clean years

2 of 2

Total audits

Audit Timelinei

Colona SD 190

2023Adverse

Gorenz and Associates, LTD.PDF

2022Adverse2 findings

GORENZ AND ASSOCIATES, LTD.PDF

Statewide Context

Audit Results

74% of statewide districts received clean audit opinions

304 total material weaknesses statewide

Financial Health Distribution

Recognition: 730 (yours)

Review: 85 (yours)

Early Warning: 16

Watch: 10

Statewide median score: 3.9

Showing most recent audit per district. Full audit history available with a paid plan. View plans →