NEWBURGH – An audit by the state comptroller’s office found the Newburgh Preparatory Charter High School Board did not receive adequate monthly financial reports or establish a sound budget process.
Classes began at the school, the first and only charter school in the Hudson Valley, in September 2013.
In a review of financial operations and disbursement processes for the period of July 1, 2013 through June 30, 2014, found the board did not obtain a required independent audit of the school’s financial reports and that the director of finance and operations did not properly perform monthly bank reconciliations. Not all payments were properly documents, the report said.
Key recommendations of the audit said the school should ensure that financial records and reports are prepared and presented to the board and establish policies and procedures that ensure monthly budget monitoring. It also said the school should contract with an independent auditor to perform the annual audit of the financial statements; ensure that bank statements are reconciled to the accounting records monthly; and ensure that claims are properly itemized and contain sufficient documentation.
School officials said they would implement as many of the recommendations as possible give the size of the school’s operations.
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