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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Newburgh Preparatory Charter High School – Board Oversight and Disbursements (2015M-123)


Released: August 21, 2015 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to examine the Board’s oversight of financial operations and disbursement processes for the period July 1, 2013 through June 30, 2014.

Background

The Newburgh Preparatory Charter High School is located in the City of Newburgh, Orange County, and provides high school education to approximately 60 students. The School is governed by a seven-member Board of Trustees. Operating expenditures for the 2013-14 fiscal year totaled approximately $1.3 million.

Key Findings

  • The Board did not receive adequate monthly financial reports or establish a sound budget process.
  • The Board did not obtain a required independent audit of the School’s financial records.
  • The Director of Finance and Operations did not properly perform monthly bank reconciliations.
  • Not all payments were properly documented.

Key Recommendations

  • Ensure that financial records and reports are prepared and presented to the Board and establish policies and procedures that enable monthly budget monitoring.
  • Contract with an independent auditor to perform the annual audit of the financial statements.
  • Ensure that bank statements are reconciled to the accounting records monthly.
  • Ensure that claims are properly itemized and contain sufficient documentation.

Local Government and School Accountability Contact Information:

Phone: (518) 474-4037; Email: localgov@osc.state.ny.us
Address: Office of the State Comptroller, Division of Local Government and School Accountability
110 State Street, 12th Floor; Albany, NY 12236