Auditor of State Mary Taylor today released the fiscal year 2006 audit of Weems School. The audit reveals that more than $18,014 was inappropriately spent by the school and must be repaid.
The audit also identifies many instances of poor record keeping and other financial reporting irregularities. Consequently, the school received a disclaimer opinion, meaning school records are insufficient for auditors to reach a conclusion about the accuracy of the financial statements.
“It is critical that public entities properly account for each and every tax dollar spent,” Taylor said. “The failure to maintain documents that support the expenditures of public funds increases the likelihood of theft or fraud.”
The audit states that a finding for recovery totaling $18,014 must be repaid to the school. Auditors could not verify that $7,214 in payments were appropriate because there is no supporting documentation. Additionally, $10,800 must be repaid because it was spent before the school was chartered. The audit also cites specific examples of financial mismanagement including failure to maintain books, records, accounts and minutes. The school also lacks a conflict of interest policy.
Furthermore, the auditors recommend that the school implement policies to oversee the purchasing and payroll departments.
In 2007, Auditor Taylor hosted the first ever series of financial training workshops for community schools around the state. Due to the success of the event additional training sessions were held in 2008. To date, the classes have served almost 500 community school officials. The voluntary workshops offer financial, accounting and compliance training to community school sponsors, administrators, fiscal officers, board members and management companies.