HomeMy WebLinkAboutAM Westlake Academy 2005-2006 Audit Report WESTLAKE ACADEMY
MEMO
TO: Honorable President and Members of the Board of Trustees
FROM: Barbara Brizuela, Head of School
Debbie Piper, Finance Director
DATE: November 7, 2006
SUBJECT: School Board Meeting of November 13, 2006
ITEM
Consider a resolution approving the Fiscal Year 2005/2006 annual audit report from
Stovall, Grandey&Allen, LLP.
RECOMMENDATIONS
Staff recommends approval.
BACKGROUND
Stovall, Grandey & Allen, CPAs have completed the Westlake Academy 2005-2006
annual financial audit report. As in prior years, we again had no "Findings", reportable
conditions nor material weaknesses to be reported to TEA. 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 certainly looks good
for the Academy not to have any for the current year.
They will however, verbally report to the board the lack of board member training and
the non-removal of Ginger Crosswy from the bank's signature card upon her leaving the
Town. These are items that did not affect the integrity of the audit but need to be
addressed prior to their arrival to perform the FY 2006-2007 audit.
Upon review of the financials, it should be noted that our ending fund balance increased
by $195,628 providing a fund balance of$427,720 for the year ended August 31, 2006.
Of this amount, $374,734 represents our cash balance.
Expenditures increased 20% from FY 2005 and revenues increased by 17%. Please
review the Management Discussion and Analysis document included in the audit for
additional statistical information and Academy achievements during the year ended
August 31, 2006.