Purpose of Audit

The purpose of our audit was to examine the cash receipts process for the period July 1, 2011, to February 15, 2013.

Background

The Genesee Community Charter School, located in the City of Rochester, Monroe County, is governed by a Board of Trustees which comprises 17 voting members. The School Leader is the chief executive officer and oversees all the school operations including the financial operations. The day-to-day financial operations are conducted by the school’s Coordinator of School Operations. The School’s budgeted appropriations for the 2012-13 fiscal year are approximately $2.6 million.

Key Finding

• Revenues from resident school districts, School meals and field studies are properly billed, collected, recorded, and reported. However, the School has not developed procedures to segregate the collecting, recording, and reconciling of School meal and field study revenues. Monies received are held by the Coordinator of School Operations who also prepares the deposits and reconciles the bank statements without independent review of the deposits or reconciliations.

Key Recommendation

• Require that bank and cash receipts reconciliations for School meal and field study collections be performed by someone independent of the cash receipts process.