Serious questions arise for state's largest voucher school
Embezzlement trial, incomplete financial statements cloud future of school that has received $1.2M in state funds
North Carolina’s largest recipient of private school vouchers has filed a financial review that lacked basic information consistent with “generally accepted accounting principles,” according to the agency overseeing the taxpayer-funded program.
Because Fayetteville’s Trinity Christian School—also currently embroiled in a separate embezzlement scandal—received more than $300,000 in voucher funds during the 2015-16 academic year, it is required to submit a financial review of their organization.
According to records provided by the State Education Assistance Authority (SEAA), the agency tasked with overseeing the voucher program, the financial review submitted last December lacked crucial elements typically found in such statement including a statement of cash flows and a balance sheet. What was included instead was a brief “statement of activities” that only listed top line revenues and expenses as well as a supplemental schedule of functional expenses.
Read more: http://www.ncpolicywatch.com/2017/03/30/serious-questions-arise-states-largest-voucher-school/