Purpose of Audit

The purpose of our audit was to review Board oversight of the School’s financial operations for the period July 1, 2014 through March 17, 2016.

Background

The Renaissance Academy Charter School of the Arts, which provides education to approximately 250 students, is located in the Town of Greece, Monroe County. The School, which is a public school that is not under the control of the local school board, is governed by a seven-member Board of Trustees. Operating expenditures for the 2014-15 fiscal year totaled approximately $2.5 million.

Key Findings

• The Board did not establish adequate procedures to ensure that all disbursements had sufficient supporting documentation.
• Certain provisions of the School’s charter, bylaws and code of ethics appear inconsistent with each other as related to conflicts of interest.
• Not all payments to the chief executive officer or payments of $10,000 or more contained signatures of the chief executive officer and the Board Chairperson, as required by School policy.

Key Recommendations

• Establish policies and procedures to ensure that all disbursements are properly supported with appropriate documentation prior to payment.
• Consult with legal counsel to address the apparent inconsistencies with the School’s charter, bylaws and code of ethics policy and the application of General Municipal Law requirements.
• Ensure that Board policy is followed regarding dual signatures on checks