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Auditors give Orange Avenue Charter School a clean opinion, note segregation-of-duties deficiency
Summary
Hartman Curtis Gray presented an unmodified audit opinion for Orange Avenue Charter School, highlighting one significant deficiency in segregation of duties, a $93,000 expenditure overrun offset by additional revenues, and a $1.1 million ending fund balance.
Auditors from Hartman Curtis Gray told the Town of Oakland commission that Orange Avenue Charter School’s fiscal-year financial statements received an unmodified (clean) opinion, meaning the statements are fairly stated in all material respects.
Tiffany Van Gold, the auditor presenting the report, said there were no material weaknesses and no instances of noncompliance; the firm did identify one significant deficiency related to segregation of duties, typical for a small operation where a single employee performs overlapping functions. Management has implemented detective controls and auditors said they expect the issue to be alleviated next year.
Van Gold noted the school’s expenditures exceeded budget by about $93,000, but additional revenues offset that overspending and produced a favorable overall budget variance of about $151,000. The ending fund balance was reported at approximately $1,100,000, with an unassigned fund balance representing roughly 17% of total expenditures. She also said revenues declined year-over-year by about $256,000, largely because ESSER federal pandemic-related funds ended.
Commissioners thanked auditors and staff for the clean opinion and for resolving a prior-year finding related to year-end close procedures.
