The DC Prep Board Meeting highlighted a significant milestone in its annual fiscal audit, with the board's audit committee recommending acceptance of a clean audit report. Chair Dan Fine led the committee, which met with Markham, the accounting firm, to review the findings.

The audit revealed no material adjustments or findings, showcasing a strong financial year for the organization. Notably, the net assets surged by $14 million, primarily due to the forgiveness of part of a pending loan linked to the New Yorkitz tax credit and increased values from interest rate swaps. However, when excluding these paper gains, the actual increase in net assets was a more modest $1.5 million, which is still commendable for a $50 million budget.

Additionally, total cash reserves rose by $2 million, providing a buffer for future expenses, particularly for the upcoming phase 2 renovation of Wilkinson. The board noted a significant rise in expenses from $42 million to $53 million, attributed to a return to full-time in-person schooling and the expansion of grade levels at Anacostia Middle, along with increased teacher salaries.

The meeting concluded with a consensus on the positive audit results, reflecting the effective management and operations of DC Prep. The board is poised to vote on the acceptance of the audit, reinforcing its commitment to financial transparency and accountability.