FLVS posts revenue gains, rising completions; internal audit finds no fraud and outlines 2025–26 audit plan

Florida Virtual School presented fiscal-year results and an internal audit summary to its Board of Trustees on Tuesday, showing modest increases in course completions and overall revenue for the year ended June 30, 2025, while the internal audit office reported no findings of fraud or abuse and proposed an audit plan for 2025–26.

Financial results: Senior Director Corey Wheeler told the board that completions for the year ended June 30, 2025, rose in multiple program types: flex completions totaled 576,798 (an increase of 9,225 from 567,573 the prior year), Virtual Learning Lab self-pay completions were 59,112 (up 4,944), and full-time completions were 106,624 (up 2,709). Wheeler said General Fund revenues rose from $344,300,000 to $349,400,000 year over year, driven by increased FEFP funding per FTE and additional self-pay scholarship completions. Year-to-date expenditures increased from $328,400,000 to $346,300,000; Wheeler said the General Fund’s projected fund balance would increase $3,000,000 to $149,100,000.

Wheeler also reviewed the Enterprise Fund, reporting revenues increased from $42,500,000 to $56,300,000 primarily because of the Florida Scholars Academy; year-to-date expenditures rose to $48,200,000, net operating profit was projected at $8,100,000, transfers out were $8,700,000, and the enterprise fund balance was projected to decrease $600,000 to $77,300,000 at fiscal year-end.

Internal audit summary and 2025–26 plan: Chrissy Kounitis, senior director of governance, risk, and compliance, summarized six internal audits completed in 2024–25: internal funds (annual), procurement, grants administration, FlexPoint (revenue recognition), benefits compliance, and a desk audit of administrative assistance. Kounitis said the audits identified no fraud or abuse findings, but they did identify opportunities to improve operational efficiency and internal controls. Examples cited included standardizing FlexPoint sales and revenue recognition at fiscal year close and streamlining monthly insurance-carrier reconciliations.

Kounitis presented the internal-audit plan for 2025–26, which includes audits of internal funds (annual), course development funds, partner services Florida revenue, FTE and FEFP revenue, accounts receivable, and the annual professional learning conference. She said the audit and compliance team will continue to monitor policy and contract compliance and complete ad hoc audits as requested.

Why this matters: The audit summary provides board oversight assurance — the internal controls did not reveal fraud or abuse, and the proposed 2025–26 audits target areas with operational risk and revenue implications (FTE/FEFP reporting and accounts receivable). The finance presentation contextualized how completion counts, program mix, and enterprise initiatives such as the Florida Scholars Academy drive revenue and fund balances.

Next steps: The finance and audit teams will implement the audit recommendations, proceed with planned 2025–26 audits, and report findings to the board in future meetings. Financial staff will implement the approved budget amendments and report updated fund balances back to the board.