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Conejo Recreation & Park District GENERAL MANAGER Jim Friedl DATE: January 21, 2021 TO: Board of Directors FROM: Jim Friedl, General Manag r SUBJECT: Annual Audit Report RECOMMENDATION BOARD OF DIRECTORS Doug Nickles, Chair Nellie Cusworth, Vice Chair George M. Lange Susan L. Holt, Director Chuck Huffer, Director GENERAL MANAGER EMERITUS Tex Ward 1. Accept the audit for the fiscal year (FY) ending June 30, 2020, as prepared by the accounting firm of Rogers, Anderson, Malody & Scott, LLP. 2. Accept the Corrective Action Plan in response to recommendations regarding internal controls provided by the accounting firm of Rogers, Anderson, Malody & Scott, LLP during the audit for the fiscal year (FY) ending June 30, 2020. 3. Approve update to the Policy for Capitalization and Depreciation of Capital Assets and Disposal of Equipment Assets, Excess Personal Property, and Scrap Materials. DISCUSSION Attached is the audit for FY 19-20, which consists of financial statements (Attachment 1), and Management Report and Auditor's Communication Letters (Attachment 2). The financial statements represent management's assertions concerning the government's financial position, results of operations and cash flows. The auditor's role is strictly limited to providing users of the financial statements with an independent basis for relying on management's assertions. Consistent with prior years, the auditors have issued an unqualified or "clean" opinion, which means they can state, without reservation, that the financial statements are fairly presented in conformity with generally accepted accounting principles. While no material weaknesses were identified, the auditors provided 4 findings and recommendations to strengthen internal controls. Attached is the Auditors Communication Letter to Management (Attachment 3) and Management's Corrective Action Plan (Attachment 4). The Policy for Capitalization and Depreciation of Capital Assets and Disposal of Equipment Assets, Excess Personal Property, and Scrap Materials (Attachment 5) implements the Corrective Action Plan by documenting existing practices regarding capitalization of assets and further clarifies and updates the Disposal of District Owned Property Policy last updated in 2011 (Attachment 6) to reflect the auditors' recommendations. ADMINISTRATIVE OFFICES 403 West Hillcrest Drive, Thousand Oaks, CA 91360-4223 805-495-6471 1 Fax: 805-497-3199 1 parks@crpd.org I www.crpd.rg