MCS audit goes well for FY12

The Morgan County School System received an unqualified report on both its financial statements and compliance with federal laws and regulations at a regular board meeting July 11. The report covers the period ending Sept. 30, 2012.

“We found that the financial statements are reliable and fairly presented,” said Randy O’Bannon, with the Alabama Department of Examiners of Public Accounts. “And there were also no findings in the records dealing with compliance with federal laws and regulations.”

However, two opinions were issued on the handling of teacher receipts and bank deposits.

O’Bannon said the audit found that receipts of money collected by teachers are not always submitted to the school office in a timely manner and bank deposits are not always being made on a daily basis.

“This is something that can and should be corrected,” he pointed out.

“Is this a matter of a school board policy getting in the way?” asked board member Carolyn Wallace.

“We are aware that it is not always possible to get to the bank every day,” he said, “but in this case we found receipts that were held 10 days before they were deposited. “Cash is a risky account and you need to get it to the bank every day.”