Report 2014-135R Recommendation 1 Responses
Report 2014-135R: Magnolia Science Academies: Although the Financial Condition of These Charter Schools Has Improved, Their Financial Controls Still Need to Be Strengthened (Release Date: May 2015)
Recommendation #1 To: Magnolia Educational and Research Foundation
Consistent with their charter petition terms, the Foundation should ensure that each academy maintains the minimum required cash reserve.
6-Month Agency Response
The organization has been monitoring the minimum required cash reserves for all of the schools, and has kept track of all operating expenditures and revenues in order to maintain minimum cash reserves. The organization monitors cash balance on a daily basis to ensure that cash balances are adequate and on monthly basis to ensure compliance with minimum reserves in accordance with the charter requirements.
- Completion Date: October 2015
- Response Date: November 2015
California State Auditor's Assessment of 6-Month Status: Fully Implemented
60-Day Agency Response
The organization has been monitoring the minimum required cash reserves for all of the schools, and has kept track of all operating expenditures and revenues in order to maintain minimum cash reserves. As part of this process, the organization is redrafting the policies and procedures manual to reflect the current changes and requirements. It is expected that the revised policies and procedures manual will be completed by October 30, 2015.
- Estimated Completion Date: 10/30/2015
- Response Date: July 2015
California State Auditor's Assessment of 60-Day Status: Pending
All Recommendations in 2014-135R
Agency responses received are posted verbatim.