ReNEW Schools is in a sound financial position, according to a recently completed audit by accounting firm Postlethwaite & Netterville.

Chief Financial Officer Tanya Bryant presented the reports to ReNEW Schools board members at their meeting on Thursday.

A letter from Postlethwaite & Netterville to board members said it had no “significant difficulties” or disagreements with ReNEW management during the audit.

“The financial statement disclosures are neutral, consistent and clear,” the firm wrote.

The firm wrote that it discovered one “material misstatement,” which it said management had corrected. However, Bryant said that was incorrect.

The audit showed an increase in total net assets from $366,016 to $1,060,036 and a decrease in total liabilities from $2,027,601 to $1,869,012 for the fiscal year that ended on June 30, 2013.

School leaders exercised more control over their own budgets in the 2012-13 school year, Bryant said, which made “a big difference” in how ReNEW managed its money. The leaders ended the year with budget surpluses that were rolled over into the current school year.

ReNEW’s $500,000 line of credit expired Dec. 19, but was reissued with a $800,000 line of credit, Bryant said.

The firm’s audit also included statistics on ReNEW Schools, including teacher experience, salaries and student test scores.

Bryant also presented the current budget, which showed that “intersessions” are costing more than projected. ReNEW’s intersessions allow students to receive extra attention during break periods. Some of ReNEW’s school leaders chose not to have a winter intersession in order to save money, Bryant said, though they all still intend to hold spring and summer intersessions.

Lisa Giarratano Hearin, ReNEW’s director of math curriculum and instruction, gave an overview of the organization’s transition to Common Core standards.

Her presentation showed the following timetable for phasing out current curriculum and transitioning to new English and math curricula and assessments.

Hearin said the transition has been smooth, with the exception of some parents being unfamiliar with the new ways of learning and teachers not having many resources available for lesson planning.

Development Manager Pete Rodway announced he will begin to shift away from his duties at ReNEW Schools in March to take a new job in Chicago.

The next board meeting will be at 5:30 p.m. Feb. 13, at ReNEW Accelerated High School, 3649 Laurel St.