Tioga Central School District – Cash Management (2020M-83)

Issued Date
November 13, 2020

[read complete report - pdf]

Audit Objective

Determine whether Tioga Central School District (District) officials maximized interest earnings.

Key Findings

Interest earnings were not maximized.

  • District officials did not develop and manage a comprehensive investment program or comply with the District’s investment policy.
  • Had officials invested available funds in a financial institution with higher interest rates, the District’s interest earnings could have increased by $215,120.

Key Recommendations

  • Prepare monthly cash flow forecasts that estimate available funds for investment.
  • Ensure excess funds are invested in a manner, within legal limits, to maximize interest earnings.

District officials disagreed with certain aspects of our findings and recommendations, but indicated they have initiated corrective action. Appendix B includes our comments on issues raised in the District’s response letter.