Charter School Audit Comments 2008
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Charter School Audit Comments 2008

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Memphis City SchoolsCharter School Audit Comments2007-2008 School YearSchool Name Auditors Measurement - Findings FindingsAn Audit of the schools financial statements was performed. Memphis City Schools Division of Finance examined the audit. Auditors report issued Booker T. Camper, Jr.an unqualified opinion. CPA No Findings - Internal controls over financial reporting and Audit Opinion: UnqualifiedCircles of Success 3634 Woodglade Lane federal awards resulted in no material weaknesses or Net Assets: $161,034 Memphis, TN 38116 reportable conditions.Total Fund Balance / Unreserved Fund Balance: 901-398-3210$35,162 / $35,162An Audit of the schools financial statements was performed. Memphis City Schools Division of Finance examined the audit. Auditors report issued an unqualified opinion. The auditors noted a Zoccola Kaplan, PLLC significant deficiency that is considered a material 07-01 Accounting Records - Revenue should be recorded as CPA weakness. This finding was also noted during the City University School earned rather than when received. Atruim 1, 6800 Poplar Ave, Ste 210 Fiscal Year 2007 audit.(No Management Response)Germantown, TN 38138 Audit Opinion: UnqualifiedNet Assets: $ 613,934An Audit of the schools financial statements was performed. Memphis City Schools Division of Finance examined the audit. Auditors report ...

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Memphis City Schools
Charter School Audit Comments
2007-2008 School Year
School Name
Auditors
Measurement - Findings
Findings
Circles of Success
Booker T. Camper, Jr.
CPA
3634 Woodglade Lane
Memphis, TN
38116
901-398-3210
An Audit of the schools financial statements was
performed.
Memphis City Schools Division of
Finance examined the audit.
Auditors report issued
an unqualified opinion.
Audit Opinion:
Unqualified
Net Assets:
$161,034
Total Fund Balance / Unreserved Fund Balance:
$35,162
/
$35,162
No Findings -
Internal controls over financial reporting and
federal awards resulted in no material weaknesses or
reportable conditions.
City University School
Zoccola Kaplan, PLLC
CPA
Atruim 1, 6800 Poplar Ave, Ste 210
Germantown, TN
38138
An Audit of the schools financial statements was
performed.
Memphis City Schools Division of
Finance examined the audit.
Auditors report issued
an unqualified opinion.
The auditors noted a
significant deficiency that is considered a material
weakness. This finding was also noted during the
Fiscal Year 2007 audit.
Audit Opinion:
Unqualified
Net Assets:
$
613,934
07-01
Accounting Records - Revenue should be recorded as
earned rather than when received.
(No Management Response)
Memphis Academy for Health
Sciences
Jones & Tuggle
CPA
4466 Elvis Presley Blvd, Ste 249
Memphis, TN
38116
An Audit of the schools financial statements was
performed.
Memphis City Schools Division of
Finance examined the audit.
Auditors report issued
an unqualified opinion.
Audit Opinion:
Unqualified
Net Assets:
$1,649,103
Total Fund Balance / Unreserved Fund Balance:
$1,649,103
/
$155,310
No Findings -
Internal controls over financial reporting and
federal awards resulted in no material weaknesses or
reportable conditions.
Memphis Academy of Science
and Engineering
Ison & Decosimo CPA's
6750 Poplar Ave
Suite 600
Memphis, TN
38138
An Audit of the schools financial statements was
performed.
Memphis City Schools Division of
Finance examined the audit.
Auditors report issued
an unqualified opinion.
The auditors disclosed
instances of noncompliance.
The noncompliance
relative to the insurance coverage was also noted in
the Fiscal Year 2007 audit.
Audit Opinion:
Unqualified
Net Assets:
($366,154)
2008-01
- Charter School Agreement compliance - insurance -
Charter School is not maintaing insurance coverage in the
amounts required by the contract.
Management Response - MASE's is obtaining quotes to
secure additional insurance.
2008-2
- Charter School Agreement compliance - Background
checks and signed conflict of interest forms are not on file.
Management Response - MASE will ask current board
members to sign Conflict of Interest forms and will conduct
background checks.
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Memphis City Schools
Charter School Audit Comments
2007-2008 School Year
School Name
Auditors
Measurement - Findings
Findings
Memphis Business Adacemy
McLean CPA Firm PLLC
6555
Stage Road
Bartlett, TN
38134
An Audit of the schools financial statements was
performed.
Memphis City Schools Division of
Finance examined the audit.
Auditors report issued
an unqualified opinion. The auditors identified
significant deficiencies in internal control over
financial reporting, none of which are considered a
material weakness.
Audit Opinion:
Unqualified
Net Assets:
$
322,473
Total Fund Balance / Unreserved Fund Balance:
$178,263
/
$178,263
Custody of cash and record keeping not properly segregated.
Check written without proper documentation.
(No Management Response)
Promise Academy
Ison & Decosimo CPA's
6750 Poplar Ave
Suite 600
Memphis, TN
38138
An Audit of the schools financial statements was
performed.
Memphis City Schools Division of
Finance examined the audit.
Auditors report issued
an unqualified opinion. The auditors noted significant
deficiencies that are considered material
weaknesses. Finding 2008-01 - 2008-03 were also
noted during the Fiscal Year 2007 audit.
Audit Opinion:
Unqualified
Net Assets:
$174,623
2008-01
Charter School compliance - Background checks
and signed conflict of interest forms are not on file.
Management agreed with the finding and will implement a
procedure to ensure all existing and new members of the
Board complete background checks and conflict of interest
forms.
2008 - 02
Accounting policies and procedures manual - The
school did not obtain proper approval on purchase order
exceeding $25,000.
Management agreed with the finding and will implement
tighter controls within the process.
2008-03
- Maintaining depreciation schedules and calculation
of depreciation - The school does not maintain depreciation
schedules for fixed assets.
Management has implemented a comprehensive fixed assets
2008-04
- Year-end accounting - Material misstatements of
Accounts Receivable and Fixed Assets
Management agreed and will put procedures
in place to
ensure that all receivables are handled and recorded in a
timely manner.
2008 - 05
- Grant Compliance - Failure to submit progress
report to required.
Management
agrees and indicated that all future years will be handled
according to the requirements outlined in the grants.
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Memphis City Schools
Charter School Audit Comments
2007-2008 School Year
School Name
Auditors
Measurement - Findings
Findings
Southern Avenue Charter School
Watkins Uiberall, PLLC
6584 Poplar Ave, Ste 200
Memphis, TN
38138-0606
An Audit of the schools financial statements was
performed.
Memphis City Schools Division of
Finance examined the audit.
Auditors report issued
an unqualified opinion.
The auditors identified
significant deficiencies in internal control over
financial reporting, none of which are considered a
material weakness.
Audit Opinion:
Unqualified
Net Assets:
$122,286
2008 - 1
- Segregate Cash Receipts and Disbursements
Duties
Management responded
that they will pursue a part-time
bookkeeper to handle basic financial responsibilities.
2008 - 2
- Prior Period Adjustment of Accounts Payable
Management will ensure that the monthly reconciliation of
accounts payable is part of the monthly reporting process.
The Soulsville Charter School aka
Stax Academy
Watkins Uiberall, PLLC
6584 Poplar Ave, Ste 200
Memphis, TN
38138-0606
An Audit of the schools financial statements was
performed.
Memphis City Schools Division of
Finance examined the audit.
Auditors report issued
an unqualified opinion. The auditors identified a
significant deficiency in internal control over financial
reporting, which is not considered a material
weakness.
Audit Opinion:
Unqualified
Net Assets:
$254,326
2008-01 Related Party Transactiosn - The school received
the use of its facilities at no charge from Soulsville USA, Inc.
The fair market value should be recognized as reveneue and
the corresponding expense should be recognized in the
period the building was used.
(No Management Response)
Star Academy
Booker T. Camper, Jr.
CPA
3634 Woodglade Lane
Memphis, TN
38116
901-398-3210
An Audit of the schools financial statements was
performed.
Memphis City Schools Division of
Finance examined the audit.
Auditors report issued
an unqualified opinion.
Internal controls over
financial reporting and federal awards resulted in no
material weaknesses or reportable conditions.
Audit Opinion:
Unqualified
Net Assets:
$552,290
Total Fund Balance / Unreserved Fund Balance:
$451,915
/
$451,915
No Findings -
Internal controls over financial reporting and
federal awards resulted in no material weaknesses or
reportable conditions.
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