12-08-2015 Regular School Board Meeting
Agenda Item #26


Title
Campus Charter School Follow-Up Financial Audit Report

Discussion
On August 25, 2015, the Board voted unanimously to notify Campus Charter School of its intention to terminate the Campus Charter School contract for failure to meet generally accepted standards of fiscal management. Campus Charter School was the guarantor of a $1.2 million dollar loan which was in default as well as being delinquent with required financial reporting. RSM McGladery conducted a financial audit issued August 19, 2015 along with an updated audit on September 7, 2015 regarding its findings. Although a few items remain open, the School has demonstrated due diligence in correcting identified financial and governance issues. Additionally, Campus Charter School’s annual external audit was received on November 16, 2015. Staff will continue to monitor Campus Charter School. A recommendation will be made to the Board to proceed with the 90 day notice to terminate the charter contract should Campus Charter School fail to comply with generally accepted standards of fiscal management.

Recommendation
Recommend that the Board does not take action to terminate the Campus Charter School contract for failure to meet generally accepted standards of fiscal management.

Meeting Date(s)
Consent w/o Information - 12/8/2015

Authority for Action
F.S. 1002.33

Involves Expenditure of Funds Directly in the Classroom
No

Source of Funding
Agenda Item will not Require the Expenditure of Funds

FY
Amount
Budgeted
Fund
Cost Center
Project
Function
Object
Program

Contact
Stephanie Archer, Ext. 395


Attachment:  Campus Charter School Annual Audit.pdf