Finding and Recommendation -
Finding: 2023‐001 (repeat finding 2022-002, 2021‐001 & 2020‐002)
Finding Type: Noncompliance with laws and regulations.
Condition: The Academy NSFSA’s fund balance exceeded the allowable three months’ average expenditures balance as of June 30, 2023. The Academy had approximately 4.96 months of expenditures as fund balance as of June 30, 2023.
Recommendation: The Academy should ensure it has proper internal controls in place to comply with its annual external reporting requirements in accordance with state law.
Corrective Action Plan -
The management company for the Academy will work with the Academy leadership to increase expenditures in a manner necessary to spend down the excess fund balance in an allowable and timely fashion.
The spend down plan will include improvements to the food service program, including adding an additional food service support position. The number of salad bar offerings and daily hot breakfast options will be increased for all grade levels.
The Academy will also explore allowable options for spending funds on supplies, equipment and initiatives that will create sustainable improvements to the food service program for future years.
Responsible Department -
Finance department and Food Service department
Responsible Persons -
Melinda Benkovsky, VP of Finance
Gwen Hovey, Food Service Coordinator
Planned Completion Date (TBD or Date) -
June 30, 2024