Board accepts EPIC ONE ON ONE CHARTER SCHOOL 2023–24 audit; auditors flag federal revenue misclassification

The EPIC ONE ON ONE CHARTER SCHOOL Board of Education voted unanimously (4-0, one absence) to accept the school'district'level financial audit for the year ended June 30, 2024, and later approved the financial statements for the period ending Jan. 31, 2025.

The audit presentation was delivered by partner Kenzie Duarte, who told the board the audit carried an unmodified opinion on the regulatory basis of accounting accepted by the Oklahoma State Department of Education but an adverse opinion relative to U.S. generally accepted accounting principles (U.S. GAAP) because the financial statements use a regulatory basis rather than U.S. GAAP. "We have an unmodified opinion on the regulatory basis," Duarte said. "There is an adverse opinion on The U.S. GAAP ... because it departs from U.S. GAAP."

The audit identified one material weakness (finding 2024-001) in internal control over financial reporting: a classification error that initially recorded about $4,247,000 as local revenue that auditors say should have been classified as federal revenue tied to the Emergency Connectivity Fund. Duarte described the issue as related to program classification and timing: "the reclassification…