Audit Objective

Determine whether the Lake Placid 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 Assistant Superintendent for Business, Finance and Support Services (Assistant Superintendent) and District officials did not:

• Solicit interest rate quotes or prepare monthly cash flow forecasts.
• Consider other legally authorized investment options when investing available funds. Had officials done so, the District might have earned approximately $267,000 more in investment earnings than the $189,305 earned during our audit period.

Key Recommendations

• Periodically solicit interest rate quotes from multiple financial institutions.
• Prepare monthly cash flow forecasts and consider legality, safety, liquidity and yield when investing available funds.

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