Charter School Audit Comments 2008

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Memphis City SchoolsCharter School Audit Comments2007-2008 School YearSchool Name Auditors Measurement - Findings FindingsAn Audit of the schools financial statements was performed. Memphis City Schools Division of Finance examined the audit. Auditors report issued Booker T. Camper, Jr.an unqualified opinion. CPA No Findings - Internal controls over financial reporting and Audit Opinion: UnqualifiedCircles of Success 3634 Woodglade Lane federal awards resulted in no material weaknesses or Net Assets: $161,034 Memphis, TN 38116 reportable conditions.Total Fund Balance / Unreserved Fund Balance: 901-398-3210$35,162 / $35,162An Audit of the schools financial statements was performed. Memphis City Schools Division of Finance examined the audit. Auditors report issued an unqualified opinion. The auditors noted a Zoccola Kaplan, PLLC significant deficiency that is considered a material 07-01 Accounting Records - Revenue should be recorded as CPA weakness. This finding was also noted during the City University School earned rather than when received. Atruim 1, 6800 Poplar Ave, Ste 210 Fiscal Year 2007 audit.(No Management Response)Germantown, TN 38138 Audit Opinion: UnqualifiedNet Assets: $ 613,934An Audit of the schools financial statements was performed. Memphis City Schools Division of Finance examined the audit. Auditors report ...

Informations

• Publié par: Masang
• Nombre de lectures: 19
• Langue: English

Extrait

Memphis City Schools

Charter School Audit Comments

2007-2008 School Year

School Name

Auditors

Measurement - Findings

Findings

Circles of Success

Booker T. Camper, Jr.

CPA

3634 Woodglade Lane

Memphis, TN

38116

901-398-3210

An Audit of the schools financial statements was

performed.

Memphis City Schools Division of

Finance examined the audit.

Auditors report issued

an unqualified opinion.

Audit Opinion:

Unqualified

Net Assets:

$161,034

Total Fund Balance / Unreserved Fund Balance:

$35,162

/

$35,162

No Findings -

Internal controls over financial reporting and

federal awards resulted in no material weaknesses or

reportable conditions.

City University School

Zoccola Kaplan, PLLC

CPA

Atruim 1, 6800 Poplar Ave, Ste 210

Germantown, TN

38138

An Audit of the schools financial statements was

performed.

Memphis City Schools Division of

Finance examined the audit.

Auditors report issued

an unqualified opinion.

The auditors noted a

significant deficiency that is considered a material

weakness. This finding was also noted during the

Fiscal Year 2007 audit.

Audit Opinion:

Unqualified

Net Assets:

$

613,934

07-01

Accounting Records - Revenue should be recorded as

earned rather than when received.

(No Management Response)

Memphis Academy for Health

Sciences

Jones & Tuggle

CPA

4466 Elvis Presley Blvd, Ste 249

Memphis, TN

38116

An Audit of the schools financial statements was

performed.

Memphis City Schools Division of

Finance examined the audit.

Auditors report issued

an unqualified opinion.

Audit Opinion:

Unqualified

Net Assets:

$1,649,103

Total Fund Balance / Unreserved Fund Balance:

$1,649,103

/

$155,310

No Findings -

Internal controls over financial reporting and

federal awards resulted in no material weaknesses or

reportable conditions.

Memphis Academy of Science

and Engineering

Ison & Decosimo CPA's

6750 Poplar Ave

Suite 600

Memphis, TN

38138

An Audit of the schools financial statements was

performed.

Memphis City Schools Division of

Finance examined the audit.

Auditors report issued

an unqualified opinion.

The auditors disclosed

instances of noncompliance.

The noncompliance

relative to the insurance coverage was also noted in

the Fiscal Year 2007 audit.

Audit Opinion:

Unqualified

Net Assets:

($366,154)

2008-01

- Charter School Agreement compliance - insurance -

Charter School is not maintaing insurance coverage in the

amounts required by the contract.

Management Response - MASE's is obtaining quotes to

secure additional insurance.

2008-2

- Charter School Agreement compliance - Background

checks and signed conflict of interest forms are not on file.

Management Response - MASE will ask current board

members to sign Conflict of Interest forms and will conduct

background checks.

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Memphis City Schools

Charter School Audit Comments

2007-2008 School Year

School Name

Auditors

Measurement - Findings

Findings

Memphis Business Adacemy

McLean CPA Firm PLLC

6555

Stage Road

Bartlett, TN

38134

An Audit of the schools financial statements was

performed.

Memphis City Schools Division of

Finance examined the audit.

Auditors report issued

an unqualified opinion. The auditors identified

significant deficiencies in internal control over

financial reporting, none of which are considered a

material weakness.

Audit Opinion:

Unqualified

Net Assets:

$

322,473

Total Fund Balance / Unreserved Fund Balance:

$178,263

/

$178,263

Custody of cash and record keeping not properly segregated.

Check written without proper documentation.

(No Management Response)

Promise Academy

Ison & Decosimo CPA's

6750 Poplar Ave

Suite 600

Memphis, TN

38138

An Audit of the schools financial statements was

performed.

Memphis City Schools Division of

Finance examined the audit.

Auditors report issued

an unqualified opinion. The auditors noted significant

deficiencies that are considered material

weaknesses. Finding 2008-01 - 2008-03 were also

noted during the Fiscal Year 2007 audit.

Audit Opinion:

Unqualified

Net Assets:

$174,623

2008-01

Charter School compliance - Background checks

and signed conflict of interest forms are not on file.

Management agreed with the finding and will implement a

procedure to ensure all existing and new members of the

Board complete background checks and conflict of interest

forms.

2008 - 02

Accounting policies and procedures manual - The

school did not obtain proper approval on purchase order

exceeding $25,000.

Management agreed with the finding and will implement

tighter controls within the process.

2008-03

- Maintaining depreciation schedules and calculation

of depreciation - The school does not maintain depreciation

schedules for fixed assets.

Management has implemented a comprehensive fixed assets

2008-04

- Year-end accounting - Material misstatements of

Accounts Receivable and Fixed Assets

Management agreed and will put procedures

in place to

ensure that all receivables are handled and recorded in a

timely manner.

2008 - 05

- Grant Compliance - Failure to submit progress

report to required.

Management

agrees and indicated that all future years will be handled

according to the requirements outlined in the grants.

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Memphis City Schools

Charter School Audit Comments

2007-2008 School Year

School Name

Auditors

Measurement - Findings

Findings

Southern Avenue Charter School

Watkins Uiberall, PLLC

6584 Poplar Ave, Ste 200

Memphis, TN

38138-0606

An Audit of the schools financial statements was

performed.

Memphis City Schools Division of

Finance examined the audit.

Auditors report issued

an unqualified opinion.

The auditors identified

significant deficiencies in internal control over

financial reporting, none of which are considered a

material weakness.

Audit Opinion:

Unqualified

Net Assets:

$122,286

2008 - 1

- Segregate Cash Receipts and Disbursements

Duties

Management responded

that they will pursue a part-time

bookkeeper to handle basic financial responsibilities.

2008 - 2

- Prior Period Adjustment of Accounts Payable

Management will ensure that the monthly reconciliation of

accounts payable is part of the monthly reporting process.

The Soulsville Charter School aka

Stax Academy

Watkins Uiberall, PLLC

6584 Poplar Ave, Ste 200

Memphis, TN

38138-0606

An Audit of the schools financial statements was

performed.

Memphis City Schools Division of

Finance examined the audit.

Auditors report issued

an unqualified opinion. The auditors identified a

significant deficiency in internal control over financial

reporting, which is not considered a material

weakness.

Audit Opinion:

Unqualified

Net Assets:

$254,326

2008-01 Related Party Transactiosn - The school received

the use of its facilities at no charge from Soulsville USA, Inc.

The fair market value should be recognized as reveneue and

the corresponding expense should be recognized in the

period the building was used.

(No Management Response)

Star Academy

Booker T. Camper, Jr.

CPA

3634 Woodglade Lane

Memphis, TN

38116

901-398-3210

An Audit of the schools financial statements was

performed.

Memphis City Schools Division of

Finance examined the audit.

Auditors report issued

an unqualified opinion.

Internal controls over

financial reporting and federal awards resulted in no

material weaknesses or reportable conditions.

Audit Opinion:

Unqualified

Net Assets:

$552,290

Total Fund Balance / Unreserved Fund Balance:

$451,915

/

$451,915

No Findings -

Internal controls over financial reporting and

federal awards resulted in no material weaknesses or

reportable conditions.

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