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State board authorizes independent comprehensive review of Epic Charter Schools' finances and operations
Summary
After staff signaled concerns about fund balance projections and timing of financial information at Epic Charter Schools, the board unanimously authorized hiring an auditing firm to perform financial, operational and forensic review and report directly to the board.
The Statewide Virtual Charter School Board voted unanimously to authorize staff to retain an independent auditing firm to perform a comprehensive review of Epic Charter Schools’ financial and operational practices.
Becky Wilkinson, executive director, introduced the agenda item after division staff reported that Epic leadership had raised transparency concerns in May 2025 related to fund balance and projected revenues. Mr. Lenia, the board office’s primary financial officer, described his on-site review and said, "in everything that I've looked at... no fraud has been identified up to this point." He and staff recommended a next level of independent review to confirm stability and to evaluate corrective actions.
Board members pressed staff on scope and deliverables: several asked that the engagement include operational and performance review in addition to financial audits, and that forensic capability be included to answer questions about timing: when information was available, when decisions were made, and whether board oversight was timely. Staff said Epic took corrective steps—leadership changes, a treasury committee—and ended the fiscal year with a positive fund balance without drawing on an approved line of credit.
A motion brought by a board member authorized staff to retain an auditing firm to perform a comprehensive audit with the scope to include operational review, performance review, financial review and a forensic skill set; the motion directed that the firm report findings and recommendations directly to the board. The board pledged to pay for the contract from agency funds; staff indicated professional-services contracting rules could allow a direct professional-services award to a licensed CPA if appropriate but that competitive bidding was an option depending on price and procurement rules.
The motion passed unanimously on roll call. Staff will solicit firms and return contract recommendations; the board asked staff to include both short-term corrective-action confirmation and a review of longer-term governance and timing questions in the auditor scope.
