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.”