The Carter Oak Unified School District recently received its annual audit report covering the 2012-2013 financial statements and government activities.
The audit reportedly found no serious cases of noncompliance, or anything similar that would require disclosure. The district complied with all requirements applied to government programs audited, the report showed.
The audit report will be accepted at the Nov. 14 Charter Oak Board of Education meeting.
Many categories were audited, including attendance reporting, independent study, the school accountability report card and classroom teacher salaries.
Vavrinek, Trine, Day & Company performed the audit.
All the financial activities, governmental activities, business-type activities and fiduciary activities of the district were examined as part of the audit.
Charter Oak's net position was $46.5 million at the end of the fiscal year, June 30, 2013. $2.6 million of that amount was in unrestricted funds. The district reported its net position of $49.3 million in 2012. Unrestricted funds can be used for day-to-day operations without legal constraints, the audit showed.
Over the last four school years, Charter Oak has had to cut costs to deal with financial difficulties while attempting to reduce the impact to students' learning. The district said its 2013-2014 budget meets all state requirements.
The 39.5 percent decrease in net position from $4.3 million in 2012 to $2.6 million 2013 was seen in the unrestricted funds, the audit showed.
Expenditures in both government activities ($55.4 million) and district activities ($56.6 million) rose for 2013, compared to $53.7 million and $55 million, respectively, in 2012.
The audit did report areas of weakness that the district could work on strengthening for better internal control.
The audit found the district has no procedure for reviewing bank reconciliations for the revolving account for food services and recommended one be put in place for completeness and accuracy.
Among the other areas of reported weakness include lack of proper receiving documentation in some disbursement transactions conducted with Charter Oak High School's Associated Student Body.
The audit must be filed with the Los Angeles County Office of Education, the California Department of Education and the State Controller's Office by Dec. 15 of this year.
To read the audit in full, click the link.
The Board of Education meeting is scheduled for Nov. 14 at 6 p.m. at 20240 East Cienega Avenue in Covina.
