Posted by I HAVE THE REPORT on May 08, 2005 at 08:44:57:

In Reply to: Re: IS THERE A STATE BOARD OF ED REPORT? posted by I HAVE THE REPORT on May 08, 2005 at 08:44:22:

Page 8

Recommendation

The CREATE Board of Trustees must establish policies and procedures regarding the human resource and payroll functions to ensure accurate,. consistent, and properly documented payments for salary increases, severance payments, and employee leaves of absence.

12. CREATE Charter School made inappropriate financial transactions.

Review of the 2003-2004 financial records revealed several questionable payments for non school purchases, some of which have not been supported with adequate documentation. For example, the review disclosed payments to vendors for items shipped to an address other than the school address, fundraising activities and donations not known to be school related, $40,000 deposit for a class trip that was never approved by the board and eventually canceled, and payment to an employee for a scratch off fund-raiser that never materialized. The funds for this fundraiser were returned to the school by the employee but have not entirely been accounted for. Other improper' payments included various catering and meals for board members and local senior citizens.

Recommendation

The CREATE Board of Trustees must establish policies and procedures regarding the accounting and recording of financial transactions. Only authorized expenditures should be made and only after board approval in accordance with N.J.S.A. 18A;19-2.

13. CREATE Charter School lacks adequate internal controls over financial transactions.

The serious weaknesses identified above regarding the lack of supporting documentation for financial transactions, significant employee raises without evidence of approval from school management and the board, checks signed in advance and payments made to vendors without board approval are all evidence of weak internal controls. Internal controls are the systems created by an entity to ensure against loss, theft or misuse of the entity's resources, and assets.

Recommendation

The CREATE Board of Trustees must establish policies and procedures regarding the accounting and recording of financial transactions. Only authorized expenditures should be made and only after board approval. The school management and, administration must ensure adequate utilization of resources and segregation of duties that will provide for sound financial controls.
Report of Examination - October 2004
CREATE Charter High School -Public School Contracts Law and Open Public Meetings Act Violations

Follow Ups:

• Re: IS THERE A STATE BOARD OF ED REPORT? I HAVE THE REPORT 08:45:38 05/08/05 (3)
  • Re: IS THERE A STATE BOARD OF ED REPORT? I HAVE THE REPORT 08:47:07 05/08/05 (2)
    • Re: IS THERE A STATE BOARD OF ED REPORT? I HAVE THE REPORT 08:51:09 05/08/05 (1)
      • Re: IS THERE A STATE BOARD OF ED REPORT? king's a bum 13:40:34 05/08/05 (0)

Post a Followup

Name    : 
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Subject : 

Comments:
: 
: Page 8

: 
: Recommendation

: The CREATE Board of Trustees must establish policies and procedures regarding the human resource and payroll functions to ensure accurate,. consistent, and properly documented payments for salary increases, severance payments, and employee leaves of absence.

: 12. CREATE Charter School made inappropriate financial transactions.

: Review of the 2003-2004 financial records revealed several questionable payments for non school purchases, some of which have not been supported with adequate documentation. For example, the review disclosed payments to vendors for items shipped to an address other than the school address, fundraising activities and donations not known to be school related, $40,000 deposit for a class trip that was never approved by the board and eventually canceled, and payment to an employee for a scratch off fund-raiser that never materialized. The funds for this fundraiser were returned to the school by the employee but have not entirely been accounted for. Other improper' payments included various catering and meals for board members and local senior citizens.

: Recommendation

: The CREATE Board of Trustees must establish policies and procedures regarding the accounting and recording of financial transactions. Only authorized expenditures should be made and only after board approval in accordance with N.J.S.A. 18A;19-2.

: 13. CREATE Charter School lacks adequate internal controls over financial transactions.

: The serious weaknesses identified above regarding the lack of supporting documentation for financial transactions, significant employee raises without evidence of approval from school management and the board, checks signed in advance and payments made to vendors without board approval are all evidence of weak internal controls. Internal controls are the systems created by an entity to ensure against loss, theft or misuse of the entity's resources, and assets.

: Recommendation

: The CREATE Board of Trustees must establish policies and procedures regarding the accounting and recording of financial transactions. Only authorized expenditures should be made and only after board approval. The school management and, administration must ensure adequate utilization of resources and segregation of duties that will provide for sound financial controls.
: Report of Examination - October 2004
: CREATE Charter High School -Public School Contracts Law and Open Public Meetings Act Violations


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