Report 2014-135R Recommendation 3 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 #3 To: Magnolia Educational and Research Foundation

To ensure that the academies' spending aligns with their budgets, the Foundation should create and retain standardized reports with a sufficient level of detail to allow its staff and the academy principals to compare the academies' spending to their budgets.

6-Month Agency Response

The organization has contracted a back office service provider that provides the organization with monthly financial statements and reports. The financial reports allow the school principals and senior management to review income statements, actual vs budget, cash flow reports, among others.

California State Auditor's Assessment of 6-Month Status: Fully Implemented


60-Day Agency Response

The organization has contracted a back office service provider that will be providing the organization with monthly financial statements and reports. The financial reports will allow the school principals and senior management to review income statements, actual vs budget, cash flow reports, among others.

It is expected that the new reports will be available to the organization and school principals real-time.

California State Auditor's Assessment of 60-Day Status: Pending


All Recommendations in 2014-135R

Agency responses received are posted verbatim.