F.
FINANCE
1. A copy of the school’s approved budget for the Fiscal Year 2006-2007
Please see Appendix C for the 2006-2007 budget. The annual audit will be submitted by
November 1, 2006, as required, to the District of Columbia Public Charter School Board.
2. A list of all donors and grantors that have contributed money or inkind donations having a value equal to or exceeding $500 during the
year reported
o
St. James II Associates, LLC: Jay Haddock Ortiz and Hector Torres, 2033 M Street
NW, Washington, DC, 20036, provided a $500 scholarship contribution to support
two students ($250 per student).
o
Arent Fox: In-kind legal services, 1050 Connecticut Avenue NW, Washington, DC,
20036. $1,400.
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
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. In fact, 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 2006-2007
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