During the January 30th Clark County School District Board of Trustees meeting, Tom Zumtobel (Chief Executive Officer) and Andrew Helms (Chief Financial Officer) of the Teachers Health Trust presented the 2023-24 fiscal year audit.
THT’s 2023-24 Fiscal Year Audit was completed by Houldsworth, Russo, & Company, P.C. This audit covers the period starting June 30, 2023 and ending June 30, 2024. The audit report was issued on December 20, 2024.
2024 Audited Financial Report
Unqualified Audit Opinion
Clean Report
The audit report reflects no material issues or findings.
Financial Statements Presented Fairly
The auditors affirmed that the financial statements are accurate in all material aspects.
Conformity to GAAP
THT’s financial practices comply with generally accepted accounting principles (GAAP), ensuring transparency and integrity.
Going Concern
Excess Benefit Obligations
As of 6/30/24, benefit obligations exceeded net assets; however, this was resolved by 12/31/24, with excess net assets over obligations.
Ongoing Litigation
Litigation remains an area of focus, but THT is actively managing and mitigating risks.
$7M Loan
The $7M loan, used to assist in repaying the $35M prepayment, was successfully repaid by 12/31/24, reflecting THT’s financial resilience.
2023-24 Audit Summary
THT Costs Explained
