PTSA Posts Audit Report

The Maggie Walker PTSA has approved the Audit Report for the 2012-2013 school year, spearheaded by Audit Committee volunteers Ann Thomas, Fran DeCicco and Debbie L. Kent.

The full report is available after the jump: 




August 13, 2013


Maggie L. Walker Governor’s School PTSA

We have reviewed selected financial records and operations of the Maggie L. Walker Governor’s School PTSA for the year ended June 30, 2013. This review was based on information provided by the Treasurer and independent verification was not accomplished. This verification was not conducted in accordance with Generally Accepted Auditing Standards of the Statement of Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. This committee utilized the Local Unit Audit Report format and the Audit Checklist/Financial Management form provided by the Virginia PTA.

The objectives of our review were to evaluate the accuracy of the PTSA’s financial transactions and review the financial management practices. We randomly selected transactions recorded in the Treasurer’s binders to include deposits, expenses, and SCRIP. The Treasurer provided all requested additional information and documentation.

Overall, the Maggie L. Walker Governor’s School PTSA maintains proper documentation and follows acceptable financial management practices as outlined in the PTA Money Matters.

We recommend the following accounting procedures and operational controls based on the audit:

1. Deposits need to be made in a timely manner. Checks and/or cash should be deposited within a week of receipt (amounts greater than $500 need to be deposited immediately).

2. Maintain a daily log for the School Store of receipt totals with the volunteer names, date and signatures as a second check and balance. This will provide accountability for the deposits. A composition book as an example has been provided. In addition, to simplify the receipt process and inventory control, identify each item by a pre-assigned number to be written on the receipt.

3. Strengthen consistency in the SCRIP binder. In many instances the deposit detail was included in the SCRIP binder, whereas in other instances it was not. Please be consistent. (Note, the PTSA deposit binder was consistent and complete for all SCRIP deposits.)

4. There were two extremely old checks that have not cleared. Any items older than 120 days need attention for research and possible reissue.

5. Continued diligence in the handling of all receipts and expenses.

Sincerely,

Ann Thomas, Fran DeCicco and Debbie L. Kent
Audit Committee