2. A list of all donors and grantors that have contributed monetary or in-kind donations
having a value equal to or exceeding $500 during Fiscal Year 2005-2006:
The Charter School did not receive any contributions equal to or exceeding $500.
Organizational Performance: Fiscal Management
Accounting Policies: The school has established accounting procedures to ensure internal
controls in processing receipts and disbursements. These include segregation of duties, as well
purchase requests, and check requests that require authorization and verification prior to
disbursement of funds. Payroll processing also includes prior approval by designated
supervisors.
Financial Reporting: The School complies with all assigned due dates related to submission of
audits, annual budgets and financial reports. Because of its excellent track record in reporting
financial statements to the DC Public Charter School Board, the school reports on a quarterly
financial report basis.
Internal Controls: All of our current equipment has been purchased with the per pupil
allotment funding and is included in an equipment and depreciation schedule classified by asset
group and depreciated accordingly. This schedule is reconciled to the general ledger.
Transparency of Financial Management: The School receives funding through the DC Office
of the Chief Financial Officer in the form of per-pupil and facilities allotments. In 2004, the
school was notified that only K-12 degree-granting institutions can qualify for Federal
entitlement grants under the No Child Left Behind legislation.
Fiscal Prudence: The auditor’s reports for Carlos Rosario Charter’s audits for prior years have
been outstanding. The auditors have expressed an unqualified opinion on compliance, as well as
on the financial statements. There have been no reportable conditions on compliance and on
internal control over financial reporting. Also, there have not been any findings or questioned
costs.
Carlos Rosario International Public Charter School, Annual Report SY 2005-2006
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