Explore Charter School

Financial Management Practices

Explore Charter School is located in New York City. We audited the adequacy of the internal controls established by School officials over selected areas of financial operations. We found that the controls were generally adequate, but noted that improvements were needed in the areas of procurement and disbursements, and equipment inventory. For example, when we reviewed nine agreements for consultant services, we found the School did not use a competitive procurement process for six of the agreements. As a result, School officials had no assurance the services were obtained for the lowest price available. We also found that the School had not established basic policies and procedures for equipment inventory control. We attempted to locate 22 recently purchased equipment items, but were unable to find four of the items.

For a complete copy of Report 2006-N-18 click here.