PENNSYLVANIA CYBER FINDINGS
Auditors noted three concerns:
Concern: Absence of written policies for the proper reconciliation of monthly account balances. Transaction postings were incomplete or posted incorrectly, documentation supporting some transactions was not present or available for review.
Remedy: The school has implemented monthly reconciliation procedures. It has hired more staff in the accounting department to reconcile the books and requires the business manager to brief the board of trustees on monthly account reconciliations.
Concern: Absence of written policies for proper review and reconciliation of credit card charges and travel advances to employees. Auditors found $40,891 in credit card charges and $24,320 in travel reimbursements that were not supported by receipts.
Remedy: The school is currently gathering receipts to document the charges and travel expenses. It has eliminated the use of credit cards by employees and implemented an expense report form and reconciliation process for all employee advances and travel expenses.
Concern: Absence of written policies and procedures for documenting that purchases were properly bid.
Remedy: The school has implemented policies to document competitive bidding for purchases that require such bidding.
Monday, July 23, 2007
Cyber Charter Schools and Real Corruption in Pennslyvania
The Pennsylvania Cyber Charter School enrolls 7,000 students in its diploma mill, thus soaking up right at $50,000,000 every year in tax money. Any accountability or oversight in how that money is spent? The latest audit shows they have no written standards for balancing their books. Excuse? Too busy enrolling students at $7,000 a pop:
at 5:14 PM