Montgomery County -
Auditor of State Mary Taylor today released the audits of the New City Community School for fiscal years 2006 and 2007. The audits indicate that a growing deficit, coupled with a reliance on borrowed money, could impair the school’s ability to continue operating.
By the end of fiscal year 2007, the school had a deficit of $202,319 and had outstanding loans totaling $113,800.
“Operating with a deficit could lead to further financial distress if steps are not taken to control spending and eliminate the deficit,” Taylor said.
Additional findings outlined in the audit report include:
- Bank overdraft and non-sufficient funds fees of $1,707 in fiscal year 2006 and $1,038 in fiscal year 2007
- Missing documentation to support certain purchases and certain bank deposits
- Errors in transactions posted to the school’s financial books
A copy of the complete audit is available online at www.auditor.state.oh.us.
The Ohio Auditor of State’s office is one of the largest accounting offices in the nation. The office strives to ensure that all public funds are spent legally and appropriately and works aggressively to root out fraud, waste and abuse in public spending. Taylor encourages anyone suspecting fraud or misspending of public dollars to contact her office toll free at 1-866-FRAUD-OH (1-866-372-8364). Since taking office in January 2007, Taylor has identified more than $10.5 million in public funds that were handled improperly, spent illegally or stolen and must be repaid.