Report 2014-135R Recommendation 3 Responses
Report 2014-135R: Magnolia Science Academies: Although the Financial Condition of These Charter Schools Has Improved, Their Financial Controls Still Need to Be Strengthened (Release Date: May 2015)
Recommendation #3 To: Magnolia Educational and Research Foundation
To ensure that the academies' spending aligns with their budgets, the Foundation should create and retain standardized reports with a sufficient level of detail to allow its staff and the academy principals to compare the academies' spending to their budgets.
6-Month Agency Response
The organization has contracted a back office service provider that provides the organization with monthly financial statements and reports. The financial reports allow the school principals and senior management to review income statements, actual vs budget, cash flow reports, among others.
- Completion Date: October 2015
- Response Date: November 2015
California State Auditor's Assessment of 6-Month Status: Fully Implemented
60-Day Agency Response
The organization has contracted a back office service provider that will be providing the organization with monthly financial statements and reports. The financial reports will allow the school principals and senior management to review income statements, actual vs budget, cash flow reports, among others.
It is expected that the new reports will be available to the organization and school principals real-time.
- Estimated Completion Date: 08/20/2015
- Response Date: July 2015
California State Auditor's Assessment of 60-Day Status: Pending
All Recommendations in 2014-135R
Agency responses received are posted verbatim.