HomeMy WebLinkAboutAM Academy Audit 2004 12-13-04
WESTLAKE ACADEMY
MEMO
TO: President and Members of the Board of Directors
FROM: Trent Petty, CEO
DATE: December 7, 2004
SUBJECT: December 13, 2004 Regular Meeting
ITEM:
Consider a resolution approving the 2003/2004 annual audit report from Weaver and
Tidwell, LLP
RECOMMENDATIONS
Staff recommends approval.
BACKGROUND
Weaver and Tidwell has completed the Westlake Academy 2003-2004 annual financial
audit report. Considering this was our first full year for the audit and there were no
“Findings”, reportable conditions nor material weaknesses to be reported to TEA, we did
quite well. Findings are items required by TEA to be reported regarding TEA
compliance, large variances in budget vs. actual balances, etc. TEA doesn’t necessarily
look upon these as bad (they require an explanation of all “Findings” and review in
subsequent years), but it is certainly a feather in our hat that we had none.
Upon review of the financials, you will find our ending fund balance was a positive
$12,391. Taking into account this is our first year to report to TEA and we operated
strictly from state, federal and contributed funds, we think TEA will be happy with these
results. As the Blacksmith Apprentice Program gets up and going, hopefully, we will be
able to increase this fund balance annually.