FAC Explorer

Audit 347953

FY End
2024-06-30
Total Expended
$6.70M
Findings
2
Programs
5
Organization: Pennsylvania Virtual Charter School (PA)
Year: 2024 Accepted: 2025-03-25
Auditor: Barbacane Thornton

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
529909 2024-001 Material Weakness - L
1106351 2024-001 Material Weakness - L

Programs

ALN Program Spent Major Findings
84.425 Education Stabilization Fund $4.46M Yes 0
84.010 Title I Grants to Local Educational Agencies $1.32M Yes 0
84.027 Special Education Grants to States $711,792 - 1
84.367 Supporting Effective Instruction State Grants (formerly Improving Teacher Quality State Grants) $110,458 - 0
84.424 Student Support and Academic Enrichment Program $97,733 - 0

Contacts

Name Title Type
EBDFEK22KHP2 Melissa Paris Auditee
6102758500 Timothy Sawyer Auditor
No contacts on file

Notes to SEFA

Title: Reporting Entity Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The School has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. For the year ended June 30, 2023, there were no indirect costs included in the schedule of expenditures of federal awards. The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of the Pennsylvania Virtual Charter School. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the schedule.

Finding Details

Finding 2024-001
During the current year audit, material journal entries were needed to correct the beginning balances of various asset, liability, and equity accounts. We also noted, that the School was unable to identify the receipt of the federal IDEA funding receivable from fiscal year 2023, which was passed through the Montgomery County Intermediate Unit. This funding from 2023 was received in 2024; however, the client was unable to determine where the payment was posted. This resulted in federal receivables being overstated on the unadjusted trial balance. As a result, material adjustments were needed to correct the current year ending balances of accounts receivable, IDEA revenue, and interest income. The internal controls over financial reporting did not function properly and did not properly reconcile beginning account balances to the prior year audit report or current year receivable, IDEA revenue, and interest income balances. These changes also resulted in the School making periodic changes to the trial balances provided for the audit.
Finding 2024-001
During the current year audit, material journal entries were needed to correct the beginning balances of various asset, liability, and equity accounts. We also noted, that the School was unable to identify the receipt of the federal IDEA funding receivable from fiscal year 2023, which was passed through the Montgomery County Intermediate Unit. This funding from 2023 was received in 2024; however, the client was unable to determine where the payment was posted. This resulted in federal receivables being overstated on the unadjusted trial balance. As a result, material adjustments were needed to correct the current year ending balances of accounts receivable, IDEA revenue, and interest income. The internal controls over financial reporting did not function properly and did not properly reconcile beginning account balances to the prior year audit report or current year receivable, IDEA revenue, and interest income balances. These changes also resulted in the School making periodic changes to the trial balances provided for the audit.