Condition and Context: While the School completed a physical observation of its assets, it did not reconcile its detailed fixed asset listing to the physical observation.
Recommendation: The auditors recommend that in addition to conducting a physical inventory of the School's capital assets on at least a biennial basis, that the School update its accounting records based on the results of the physical inventory.
Contact Name: Anastacia Europa Ruiz, Chief Operating Officer
Corrective Action Planned: Moving forward, the management team will change from a bi-annual to an annual fixed-asset inventory as a part of our annual strategic and budget planning which is reviewed quarterly. Additionally, we are recommending a quarterly board update to provide the status on addressing the FY23 audit findings.
Anticipated Completion Date: June 30, 2024