Carl C. Icahn Charter School

Financial Management Practices

Carl C. Icahn Charter School is located in the Bronx. At the time of our audit, it had about 280 students enrolled in kindergarten through grade 7. The School, which was established in 2001, is one of more than 40 schools chartered by the State University of New York. We audited the adequacy of the internal controls established by School officials over selected areas of financial operations. We found that the controls over some areas of operation were adequate, but improvements were needed in the areas of cash disbursements, procurement and payroll. For example, most contracts were not competitively bid and School funds were used on staff parties. We recommended that the School’s Board of Trustees more closely monitor the School’s financial transactions.

For a complete copy of Report 2007-S-70 click here.
For a copy of the 90-day response click here.