Audit Objective

Determine whether Depew Union Free School District (District) officials developed and managed a comprehensive investment program.

Key Findings

District officials did not develop and manage a comprehensive investment program.

• The Business Administrator (BA) and District officials did not invest available funds in financial institutions that offered higher interest rates, prepare monthly cash flow forecasts or solicit interest rate quotes.
• Over a 16-month period, officials missed an opportunity for the District to realize approximately $487,000 in additional interest earnings. Had the District realized such interest earnings, the Board may have been able to avoid increasing the 2023-24 tax levy.

Key Recommendations

• Comply with the District’s investment policy and develop comprehensive written investment program procedures.

District officials generally agreed with our recommendations and have initiated or indicated they would initiate corrective action.