To ensure the CMO fees it charges to its academies are accurate, the Foundation should develop procedures to ensure that CMO fees are accurately calculated and recorded, including performing regular reconciliations of the CMO fees recorded in the Foundation's and academies' general ledgers.
The organization has implemented a cost allocation methodology that has been reviewed by external consultants and approved by Magnolia's board. Cost allocation is reconciled on a monthly basis.
The organization has implemented a cost allocation methodology that has been reviewed by external consultants and approved by Magnolia's board. Magnolia staff is in the process of reconciling the month of June 2015, and starting July 1, 2015, The cost allocation will be reconciled on a monthly basis by the external back office service provider. The finance department is currently working with the back office service provider to draft the new policies and procedures relating to the CMO allocation and reconciliation.
†Response Type refers to the interval in which the auditee is providing the State Auditor with their status in implementing recommendations made in an audit report. Auditees must submit a response regarding their progress in implementing recommendations from our reports at three intervals from the release of the report: 60 days, six months, and one year or subsequent to one year.
*Agency responses received after June 2013 are posted verbatim.