Annual Report 2010-11 | Page 35

Finance School’s Approved Budget for the Fiscal Year 20102011 Please see Appendix B for the 2010-2011 budget. The annual audit will be submitted to the District of Columbia Public Charter School Board by November 1, 2011 as required. Donors/Grantors Contributions and In-Kind Donations Equal to or Exceeding $500 Arent Fox Anonymous Donor* Association of University of Puerto Rico Alumni* Broadway Digital Photos* Doris Lesher* Friends of Jim Graham* Hector Torres* Hotel Association of Washington* Jay Haddock* Lisa Mallory* Prince Construction* St. James II Associate, LLC* Tempo Bookstore Incorporation* Sherry McKenna Sheryl Sherwin* *Donation to Carlos Rosario Educational Foundation Fiscal Management Accounting Policies Carlos Rosario has established accounting policies and procedures as outlined in its Accounting Policy and Procedure Handbook and further adheres to the DC Public Charter School Board (PCSB) requirements and guidelines as outlined in its Fiscal Policy Handbook. The school performs its annual financial audit by auditors approved by the PCSB and produces financial statements according to GAAP. Carlos Rosario uses the accrual basis of accounting and adheres to the PCSB’s reporting deadlines. Financial Reporting Carlos Rosario complies with assigned due dates related to submission of its annual audited financial statements, annual budgets, and interim financial reports, which are presented quarterly to the PCSB. The school’s annual budget is reviewed and approved by the Board of Trustees and its financial statements are disclosed and presented to the Board of Trustees at their regular meetings. Internal Controls Carlos Rosario has clearly documented internal controls outlined in our Accounting Policy and Procedure Handbook, which help us to properly safeguard our assets and comply with District of Columbia and federal laws. Our internal controls allow for segregation of duties, adherence to established guidelines, as well as the implementation of fair business practices. Financials are produced and reviewed for accuracy. ANNUAL REPORT SY 2010-2011 _36 Transparency of Financial Management Carlos Rosario maintains a high level of integrity and transparency in regard to its use of public funds. The school’s annual budget is reviewed and approved by the Board of Trustees and its financial statements are disclosed and presented to the Board of Trustees at their regular meetings. Carlos Rosario identifies and fully discloses all related party transactions as required by the PCSB. Fiscal Prudence Carlos Rosario is very conservative and thoughtful in the preparation of its annual balanced budget and makes responsible and sound decisions pertaining to spending, investments, debt management, and other financial matters. Carlos Rosario and its Board of Trustees are 100% committed to “safeguarding the public’s confidence and the integrity of the school’s activities.”