SABINE PARISH SCHOOL BOARD Many, Louisiana

Transcription

1 SABINE PARISH SCHOOL BOARD Many, Louisiana Agreed Upon Procedures on Individual Schools With Accountant 's Report June 30, 2001

2 SABINE PARISH SCHOOL BOARD Many, Louisiana Agreed Upon Procedures on Individual Schools W it h A ccount ant 's Repo rt June 30, 2001 C O N T E N T S Ex hibit Independent Accountant 's Report Ind iv id ual Schools Converse School Eba rb School Flo rien Elementary School Flo rien High School M any Elem ent a ry School Many Junior High School M any Senio r High School Neg reet School Pleasant Hill Schoo 18 Zw olle Elementary School Zw olle Intermediate School Zw olle High School

3 IHi~i~i~Iu ~4/A v 55 Terra Avenue Alexandria, LA S16/ Fax : 318/ Independent Accountant 's Report SAB IN E PA RISH SCHOO L BOA RD Many, Louisiana I have performed the procedures described in the attached ex hibits, which were agreed to by you, solely to assist you in adding credibility to the school activity funds for the period ended June 30, 2001, This engagement to apply agreed -upon procedures was perfo rmed in accordance w ith standa rds established by the Am erican Institut e of Certified Public,Accountants. The sufficiency of the proced ures is solely the responsibility of the Sabine Parish School Board. Consequently, I make no representation rega rding the sufficiency of the procedures described in the accompany ing exhibits either for the purpose for w hich this report has been prepared or for any other purpose. My procedures are described in the attached ex hibits. I w as not engaged t o express an open,on on Accordingly, I do not ex press any opinion additional procedures, other matters mig~ been reported to you. Thecontractbetweentheschoolboardandtheaccountantanti?~atedareleasedateof the report as or before December 31, Because the w orkload of the accountant 's firm, the report could not be released until January 17, This report is intended not be used by those w ho the sufficiency of the t he Sabine Pa rish School Boa rd and should e procedures and taken responsibility for purposes. Accountant siana

4 Exhibit A CONV ERSE SCHOO L Obtain Hay bank statements directqy from bank Trace May deposits to cash receipts journal and general ledqe r. Trace two randomly selected deposits in each of the previous months to cash receipts journal and gene ral ledge r. T race tw o randomly selected cash receipts in each month from the cash receipts journal to the bank statement to ensure receipts are deposited on a da ily basis. Examine five randomly selected ticket reconciliation fo rms fo r admission and gate receipts. T race cash collected to cash receipts journal. Randomly select five cash disbursements f rom each month and apply the follow ing procedures : Review canceled checks fo r prope r signatures and appropriate endo rsements. Verify that the selected checks are suppo rted by a vendo r invoice, o r, w he n invoices a re not available, by a prope rly approved payment vouche r. Verify that check suppo rting documents are prope rly stamped to avoid duplicate payments. Determine that ex penditures have been formally approved fo r cha rge to indiv idual funds and check to see that prope r dist ribution was made to those funds. Verify that ex penditures a re posted to the cash disbursements journal on a timely basis. T ransactio ns posted by the next day a re considered timely. Examine checks w ritten for amounts over $7,500 and asce rtain if cent ral office approval was obtained. Ve rify that all checking accounts a re interest bea ring. reconcile cash the amount of the Calculate the yea r-to -date g ross profit pe rcentage on concession sales. Compa re results w ith prio r year calculations and the Prior year gross profit pe rcentage was 30.59% other schools yea r-to-date percentages. compa red to 3L.04% fo r this yea r. Variance of Inquire as to rea sons fo r va riances. 0.45%..

5 Exhibit A CONV ERSE SCHOO L Co nc luded Examine monthly f inancial repo rts a nd bank reconciliations fo r two randomly selected months to ve rify that they a re prepa red on a timely basis. Items completed by t he fifteenth of the follow ing month a re conside red timely.. Randomly select f ive fixed assets located at the school and t race to the invento ry reco rds maintained by the cent ral office. Not applicable this cycle. Randomly select five fixed assets invento ry reco rds maintained by the cent ral office and ve rify their existence of the assets. Not applicable this cycle

6 EBARB SCHOOL Ex hibit B Obtain Hay bank statements directqy from bank Trace May deposits to cash receipts journal and general ledqe r. Trace two randomly selected deposits in each of the previous months to cash receipts journal and gene ral ledge r. T race tw o randomly selected cash receipts in each month from the cash receipts journal to the bank statement to ensure receipts are deposited on a da ily basis. Examine five randomly selected ticket reconciliation fo rms fo r admission and gate receipts. T race cash collected to cash receipts journal. Randomly select five cash disbursements f rom each month and apply the follow ing procedures : Review canceled checks fo r prope r signatures and appropriate endo rsements. Verify that the selected checks are suppo rted by a vendo r invoice, o r, w he n invoices a re not available, by a prope rly approved payment vouche r. Verify that check suppo rting documents are prope rly stamped to avoid duplicate payments. Determine that ex penditures have been formally approved fo r cha rge to indiv idual funds and check to see that prope r dist ribution was made to those funds. Verify that ex penditures a re posted to the cash disbursements journal on a timely basis. T ransactio ns posted by the next day a re considered timely. Examine checks w ritten for amounts over $7,500 and asce rtain if cent ral office approval was obtained. Ve rify that all checking accounts a re interest bea ring. reconcile cash the amount of the $20 change fund I NO exceptions found Calculate the yea r-to -date g ross profit pe rcentage on concession sales. Compa re results w ith prio r year calculations and the Prior year gross profit pe rcentage was other schools yea r-to-date percentages. compa red to 44 IL2% fo r this yea r. Variance Inquire as to reasons for variances. (increase) of 0.29~i.

7 EBARB SCHOOL Co nc luded Ex hibit B Examine monthly f inancial repo rts a nd bank reconciliations fo r two randomly selected months to ve rify that they a re prepa red on a timely basis. Items completed by t he fifteenth of the follow ing month a re conside red timely.. Randomly select f ive fixed assets located at the school and t race to the invento ry reco rds maintained by the cent ral office. Not applicable this cycle. Randomly select five fixed assets invento ry reco rds maintained by the cent ral office and ve rify their existence of the assets. Not applicable this cycle

8 FLORIEN ELEMENTARY SCHOOL Ex hibit Trace May deposits to cash receipts journal and gene ral ledqe r. Trace two randomly selected deposits in each of the previous months to cash receipts journal and gene ral ledge r.. T race tw o randomly selected cash receipts in each month from the cash receipts journal to the bank statement to ensure receipts are deposited on a da ily basis.. Examine five randomly selected ticket reconciliation fo rms fo r admission and gate receipts. T race cash collected to cash receipts journal. Randomly select five cash disbursements f rom each month and apply the follow ing procedures : Review canceled checks fo r prope r signatures and appropriate endo rsements.. Verify that the selected checks are suppo rted by a vendo r invoice, o r, w he n invoices a re not available, by a prope rly approved payment vouche r. Verify that check suppo rting documents are p rope rly stamped to avoid duplicate payments. Determine that ex penditures have been formally approved fo r cha rge to indiv idual funds and check to see that prope r dist ribution was made to those f unds. Verify that ex penditures a re posted to the cash disbursements journal on a timely basis. T ransactio ns posted by the next day a re conside red timely. Examine checks w ritten for amounts over $7,500 and asce rtain if cent ral office approval was obtained. Ve rify that all checking accounts a re interest bea ring. reconcile cash the amount of the $i2l.lo cash fund ma ntained as a change fund fo r vending machines. Calculate the yea r-to -date g ross profit pe rcentage on concession sales. Compa re results w ith prio r year calculations and the Prior year gross profit pe rcentage was 29.L0% other schools yea r-to-date percentages. compa red to % fo r this yea r. Variance Inquire as to reasons for variances. (decrease) of L.32~I NO exceptions found.

9 FLORIEN ELEMENTARY SCHOOL Co nc luded Ex hibit C Examine monthly f inancial repo rts a nd bank reconciliations fo r two randomly selected months to ve rify that they a re prepa red on a timely basis. Items completed by t he fifteenth of the follow ing month a re conside red timely. Randomly select f ive fixed assets located at the school and t race to the invento ry reco rds maintained by the cent ral office. Not applicable this cycle. Randomly select five fixed assets invento ry reco rds maintained by the cent ral office and ve rify their existence of the assets. Not applicable this cycle

10 FLORIEN H IGH SCHOO L Ex hibit D Trace May deposits to cash receipts journal and gene ral ledqe r. Trace two randomly selected deposits in each of the previous months to cash receipts journal and gene ral ledge r.. T race tw o randomly selected cash receipts in each month from the cash receipts journal to the bank statement to ensure receipts are deposited on a da ily basis.. Examine five randomly selected ticket reconciliation fo rms fo r admission and gate receipts. T race cash collected to cash receipts journal. Randomly select five cash disbursements f rom each month and apply the follow ing procedures : Review canceled checks fo r prope r signatures and appropriate endo rsements.. Verify that the selected checks are suppo rted by a vendo r invoice, o r, w he n invoices a re not available, by a prope rly approved payment vouche r. Verify that check suppo rting documents are p rope rly stamped to avoid duplicate payments. Determine that ex penditures have been formally approved fo r cha rge to indiv idual funds and check to see that prope r dist ribution was made to those f unds. Verify that ex penditures a re posted to the cash disbursements journal on a timely basis. T ransactio ns posted by the next day a re conside red timely. Examine checks w ritten for amounts over $7,500 and asce rtain if cent ral office approval was obtained.. Ve rify that all checking accounts a re interest bea ring. reconcile cash the amount of the

11 FLORIEN H IGH SCHOO L Co nc luded Ex hibit D Calculate the yea rito idate g ross profit Prio r yea r g ross profit pe rcentage was 29.44~ pe rcentage on concession sales. Compa re compa red to 15 12S~ fo r this yea r. Variance results with prior year calculations and the (decrease) of 14122% is not within the 5% othe r schools yea rito -date pe rcentages. ra nge as established by school boa rd. This Inquire as to reasons for va riances. va riance results f rom an inc rease in the cost of concession items w ithout a co rrespo nding inc rease in selling prices. Additiona lly, co ncessions fo r athletic events have been t ransfe rred to the va rious school clubs. Examine monthly financial repo rts and bank reconciliations fo r two randomly se lected months to ve rify that they a re prepa red on a timely basis. Items completed by t he fifteenth of the follow ing month a re conside red timely.. Not applicable this cycle Not applicable this cycle

12 MANY ELEMENTARY SCHOOL Ex hibit Trace May deposits to cash receipts journal and gene ral ledqe r. Trace two randomly selected deposits in each of the previous months to cash receipts journal and gene ral ledge r.. T race tw o randomly selected cash receipts in each month from the cash receipts journal to the bank statement to ensure receipts are deposited on a da ily basis i. Examine five randomly selected ticket reconciliation fo rms fo r admission and gate receipts. T race cash collected to cash receipts journal. Not Applicable at this school. Randomly select five cash disbursements f rom each month and apply the follow ing procedures : Review canceled checks fo r prope r signatures and appropriate endo rsements.. Verify that the selected checks are suppo rted by a vendo r invoice, o r, w he n invoices a re not available, by a prope rly approved payment vouche r. Verify that check suppo rting documents are p rope rly stamped to avoid duplicate payments. Determine that ex penditures have been formally approved fo r cha rge to indiv idual funds and check to see that prope r dist ribution was made to those f unds. Verify that ex penditures a re posted to the cash disbursements journal on a timely basis. T ransactio ns posted by the next day a re conside red timely. Examine checks w ritten for amounts over $7,500 and asce rtain if cent ral office approval was obtained.. Ve rify that all checking accounts a re interest bea ring. reconcile cash the amount of the Calculate the yea r-to -date g ross profit pe rcentage on concession sales. Compa re results w ith prio r year calculations and the Prior year gross profit pe rcentage was 44.7L% other schools yea r-to-date percentages. compa red to 4L I99% fo r this yea r. Variance Inquire as to reasons for variances. (Decrease) of 2.72%. 10

13 MANY ELEMENTARY SCHOOL Co nc luded Ex hibit E Examine monthly f inancial repo rts a nd bank reconciliations fo r two randomly selected months to ve rify that they a re prepa red on a timely basis. Items completed by t he fifteenth of the follow ing month a re conside red timely. Randomly select f ive fixed assets located at the school and t race to the invento ry reco rds maintained by the cent ral office. Not applicable this cycle. Randomly select five fixed assets invento ry reco rds maintained by the cent ral office and ve rify their existence of the assets. Not applicable this cycle 11

14 MANY JUNIOR HIGH SCHOOL Ex hibit Trace May deposits to cash receipts journal and gene ral ledqe r. Trace two randomly selected deposits in each of the previous months to cash receipts journal and gene ral ledge r.. T race tw o randomly selected cash receipts in each month from the cash receipts journal to the bank statement to ensure receipts are deposited on a da ily basis i. Examine five randomly selected ticket Ticket reconciliatio n fo rms a re being used, reconciliation fo rms fo r admission and gate but these fo rms a re not being prope rly receipts. T race cash collected to cash completed w hich results in the inability to receipts journal. Randomly select five cash disbursements f rom each month and apply the follow ing procedures : determine if the funds are being properly received and reco rded. Deficiencies include not identify ing beginning ticket numbe r, admission p rice, etc. Repo rts not being approved by the principal of the schoo l. Review canceled checks fo r prope r signatures and appropriate endo rsements. Ve rify that the selected checks a re suppo rted by a vendo r invoice, or, when invoices are not available, by a prope rly approved payment vouche r.. Verify that check suppo rting documents are p rope rly stamped to avoid duplicate payments. Dete rmine that ex penditu res have been fo rmally approved fo r cha rge to indiv idual funds and check to see that prope r dist ribution was made to those f unds.. Verify that ex penditures a re posted to the cash disbursements journal on a timely basis. T ransactions posted by the next day a re conside red timely.. Examine checks written for amounts over $7,500 and asce rtain if cent ral office approval was obtained. Ve rify that all c hecking accounts a re inte rest bea ring. reconcile cash the amount of the 12

15 Exhibit F MANY JUNIOR HIGH SCHOOL Agr@@d-Upon Proc@dures and Findings Concluded Calculate the yea r-to -date g ross profit Prio r yea r g ross profit pe rcentage was 34.25% pe rcentage on concession sales. Compa re compa red to 39.67% fo r this yea r. Variance results with prior year calculations and the (increase ) of 5.42~ is not within the 5~ range other schools yea r-to-date percentages_ as established by school boa rd. The increase Inquire as to reasons for va riances. is attributable to an increase in the selling prices of ce rtain co ncession items. Examine monthly financial repo rts and bank reconciliations fo r two randomly se lected months to ve rify that they a re prepa red on a timely basis. Items completed by t he fifteenth of the follow ing month a re conside red timely. Randomly select five fixed assets located at the school and t race to the invento ry reco rds maintained by the central office. Not applicable this cycle. Randomly select five fixed assets invento ry records maintained by the cent ral office and ve rify their ex istence of the asset s. Not applicable this cycle. 13

16 MANY SENIOR HIGH SCHOOL Ex hibit G Trace May deposits to cash receipts journal and gene ral ledqe r. Trace two randomly selected deposits in each of the previous months to cash receipts journal and gene ral ledge r.. T race tw o randomly selected cash receipts in each month from the cash receipts journal to the bank statement to ensure receipts are deposited on a da ily basis i. Examine five randomly selected ticket reconciliation fo rms fo r admission and gate receipts. T race cash collected to cash receipts journal. Randomly select five cash disbursements f rom each month and apply the follow ing procedures : Review canceled checks fo r prope r signatures and appropriate endo rsements.. Verify that the selected checks are suppo rted by a vendo r invoice, o r, w he n invoices a re not available, by a prope rly approved payment vouche r. Verify that check suppo rting documents are p rope rly stamped to avoid duplicate payments. Determine that ex penditures have been formally approved fo r cha rge to indiv idual funds and check to see that prope r dist ribution was made to those f unds. Verify that ex penditures a re posted to the cash disbursements journal on a timely basis. T ransactio ns posted by the next day a re conside red timely. Examine checks w ritten for amounts over $7,500 and asce rtain if cent ral office approval was obtained.. Ve rify that all checking accounts a re interest bea ring. reconcile cash the amount of the 14

17 MANY SENIOR HIGH SCHOOL Co nc luded Ex hibit G Calculate the yea rito idate g ross profit Prio r yea r g ross profit pe rcentage was L8.49% pe rcentage on concession sales. Compa re compa red to % fo r this yea r. Variance results with prior year calculations and the (increase) of 6.41% is not within the 5% range othe r schools yea rito -date pe rcentages. established by schoo l boa rd. The inc rease in Inquire as to reasons for va riances. gross profit pe rcentages results f rom the sha ring of revenue w ith clubs within the sc hool and not cha rg ing the t ransfe r to cost of goods sold as was done in prio r yea rs. Examine monthly f inancial repo rts a nd bank reconciliations fo r two randomly selected months to ve rify that they a re prepa red on a timely basis. Items completed by t he fifteenth of the follow ing month a re conside red timely. Randomly select five fixed assets located at the school and t race to the invento ry reco rds maintained by the cent ral office. Not applicable this cycle. Randomly select five fixed assets invento ry reco rds maintained by the cent ral office and ve rify their ex istence of the asset s. Not applicable this cycle. 15

18 NEGREET SCHOO L Ex hibit H Trace May deposits to cash receipts journal and gene ral ledqe r. Trace two randomly selected deposits in each of the previous months to cash receipts journal and gene ral ledge r.. T race tw o randomly selected cash receipts in each month from the cash receipts journal to the bank statement to ensure receipts are deposited on a da ily basis.. Examine five randomly selected ticket reconciliation fo rms fo r admission and gate receipts. T race cash collected to cash receipts journal. Randomly select five cash disbursements f rom each month and apply the follow ing procedures : Review canceled checks fo r prope r signatures and appropriate endo rsements.. Verify that the selected checks are suppo rted by a vendo r invoice, o r, w he n invoices a re not available, by a prope rly approved payment vouche r. Verify that check suppo rting documents are p rope rly stamped to avoid duplicate payments. Determine that ex penditures have been formally approved fo r cha rge to indiv idual funds and check to see that prope r dist ribution was made to those f unds. Verify that ex penditures a re posted to the cash disbursements journal on a timely basis. T ransactio ns posted by the next day a re conside red timely. Examine checks w ritten for amounts over $7,500 and asce rtain if cent ral office approval was obtained. Ve rify that all checking accounts a re interest bea ring. reconcile cash the amount of the Petty cash change maintained at the fund is no longe r be ing sc hool Calculate the yea r-to -date g ross profit pe rcentage on concession sales. Compa re results w ith prio r year calculations and the other schools yea r-to-date percentages. Gross profit inc reased by approx imately 0.043% Inquire as to rea sons fo r va riances. f rom the prio r yea r. 16

19 NEGREET SCHOO L Co nc luded Ex hibit H Examine monthly f inancial repo rts a nd bank reconciliations fo r two randomly selected months to ve rify that they a re prepa red on a timely basis. Items completed by t he fifteenth of the follow ing month a re conside red timely. Randomly select f ive fixed assets located at the school and t race to the invento ry reco rds maintained by the cent ral office. Not applicable this cycle. Randomly select five fixed assets invento ry reco rds maintained by the cent ral office and ve rify their existence of the assets. Not applicable this cycle 17

20 PLEASANT HILL SCHOOL Ex hibit Trace May deposits to cash receipts journal and gene ral ledqe r. Trace two randomly selected deposits in each of the previous months to cash receipts journal and gene ral ledge r.. T race tw o randomly selected cash receipts in each month from the cash receipts journal to the bank statement to ensure receipts are deposited on a da ily basis.. Examine five randomly selected ticket reconciliation fo rms fo r admission and gate receipts. T race cash collected to cash receipts journal. Randomly select five cash disbursements f rom each month and apply the follow ing procedures : Review canceled checks fo r prope r signatures and appropriate endo rsements.. Verify that the selected checks are suppo rted by a vendo r invoice, o r, w he n invoices a re not available, by a prope rly approved payment vouche r. Verify that check suppo rting documents are p rope rly stamped to avoid duplicate payments. Determine that ex penditures have been formally approved fo r cha rge to indiv idual funds and check to see that prope r dist ribution was made to those f unds. Verify that ex penditures a re posted to the cash disbursements journal on a timely basis. T ransactio ns posted by the next day a re conside red timely. Examine checks w ritten for amounts over $7,500 and asce rtain if cent ral office approval was obtained.. Ve rify that all checking accounts a re interest bea ring. reconcile cash the amount of the 18

21 Ex hibit PLEASANT HILL SCHOOL Concluded Calculate the yea r-toidate g ross profit Prior year gross profit pe rcentage was 3i.42% pe rcentage on concession sales. Compa re compa red to 26.L5% fo r this yea r. Variance results with prior year calculations and the (decrease ) of 5.26% is not within the 5% range other schools yea r-to-date percentages_ as established by school boa rd. Variance Inquire as to reasons for va riances. re lated to increase costs of concession items w ithout co rresponding increase in selling prices. Examine monthly financial repo rts and bank reconciliations fo r two randomly selected months to ve rify that they a re prepa red on a timely basis. Items completed by t he fifteenth of the following month are considered timely. Not applicable this cycle Not applicable this cycle

22 ZWOLLE ELEMENTARY SCHOOL Ex hibit Trace May deposits to cash receipts journal and gene ral ledqe r. Trace two randomly selected deposits in each of the previous months to cash receipts journal and gene ral ledge r.. T race tw o randomly selected cash receipts in each month from the cash receipts journal to the bank statement to ensure receipts are deposited on a da ily basis.. Examine five randomly selected ticket reconciliation fo rms fo r admission and gate receipts. T race cash collected to cash receipts journal. Not Applicable at this school. Randomly select five cash disbursements f rom each month and apply the follow ing procedures : Review canceled checks fo r prope r signatures and appropriate endo rsements.. Verify that the selected checks are suppo rted by a vendo r invoice, o r, w he n invoices a re not available, by a prope rly approved payment vouche r. Verify that check suppo rting documents are p rope rly stamped to avoid duplicate payments. Determine that ex penditures have been formally approved fo r cha rge to indiv idual funds and check to see that prope r dist ribution was made to those f unds. Verify that ex penditures a re posted to the cash disbursements journal on a timely basis. T ransactio ns posted by the next day a re conside red timely. Examine checks w ritten for amounts over $7,500 and asce rtain if cent ral office approval was obtained.. Ve rify that all checking accounts a re interest bea ring. reconcile cash the amount of the Not applicable at this school 20

23 Exhibit ZWOLLE ELEMENTARY SCHOOL Co ncluded Calculate the yea r-to-date g ross profit Prior year gross profit percentage was E6.06~ pe rcentage on concession sales, Compa re compa red to 40.30% fo r this yea r. Variance results with prior year calculations and the ~increase ) of 14.24#, which is not within the othe r schools yea r-to-date pe rcentages_ 5% range as established by school boa rd, ~#as Inquire as to reasons for variances. due to an inc rease in the selling price of va rious items to com pensate fo r the inc rease in the ~urchase price. Examine monthly financial reports and bank reconciliations fo r two randomly selected months to verify that they a re prepa red on a timely basis. Items completed by the fifteenth of the following month are considered timely.. Randomly select five fixed assets located at the school and trace to the inventory records ma inta ined by the centra l office, Not applicable this cyc le. Not applicable this cycle El

24 ZWOLLE INTERMEDIATE SCHOOL Ex hibit K Trace May deposits to cash receipts journal and gene ral ledqe r. Trace two randomly selected deposits in each of the previous months to cash receipts journal and gene ral ledge r.. T race tw o randomly selected cash receipts in each month from the cash receipts journal to the bank statement to ensure receipts are deposited on a da ily basis.. Examine five randomly selected ticket reconciliation fo rms fo r admission and gate receipts. T race cash collected to cash receipts journal. Randomly select five cash disbursements f rom each month and apply the follow ing procedures : Review canceled checks fo r prope r signatures and appropriate endo rsements.. Verify that the selected checks are suppo rted by a vendo r invoice, o r, w he n invoices a re not available, by a prope rly approved payment vouche r. Verify that check suppo rting documents are p rope rly stamped to avoid duplicate payments. Determine that ex penditures have been formally approved fo r cha rge to indiv idual funds and check to see that prope r dist ribution was made to those f unds. Verify that ex penditures a re posted to the cash disbursements journal on a timely basis. T ransactio ns posted by the next day a re conside red timely. Examine checks w ritten for amounts over $7,500 and asce rtain if cent ral office approval was obtained.. Ve rify that all checking accounts a re interest bea ring. reconcile cash the amount of the School maintains a $25 change fund 22

25 ZWOLLE INTERMEDIATE SCHOOL Co nc luded Ex hibit K Calculate the yea ritoidate g ross profit Prior year gross profit pe rcentage was 55.52% pe rcentage on concession sales. Compa re compa red to 47.1~~ fo r this yea r. Variance results with prior year calculations and the other schools yea rito -date percentages. Inquire as to reasons for va riances. (decrease) of 8.36%, which is not within the 5% range as established by school board, w as due to an inc rease in the purchase price of va rious items without an inc rease in the se lling price. Examine monthly financial repo rts and bank reconciliations fo r two randomly se lected months to ve rify that they a re prepa red on a timely basis. Items completed by t he fifteenth of the following month are considered timely. Randomly select f ive fixed assets located at the school and trace to the invento ry records maintained by the cent ral office. Not applicable this CyCle i Randomly select five fixed assets invento ry records maintained by the cent ral office and ve rify their ex istence of the asset s _ Not applicable this cycle. 23

26 ZWO LLE H IGH SCHOO L Ex hibit L Trace May deposits to cash receipts journal and gene ral ledqe r. Trace two randomly selected deposits in each of the previous months to cash receipts journal and gene ral ledge r.. T race tw o randomly selected cash receipts in each month from the cash receipts journal to the bank statement to ensure receipts are deposited on a da ily basis.. Examine five randomly selected ticket reconciliation fo rms fo r admission and gate receipts. T race cash collected to cash receipts journal. Randomly select five cash disbursements f rom each month and apply the follow ing procedures : Review canceled checks fo r prope r signatures and appropriate endo rsements.. Verify that the selected checks are suppo rted by a vendo r invoice, o r, w he n invoices a re not available, by a prope rly approved payment vouche r. Verify that check suppo rting documents are p rope rly stamped to avoid duplicate payments. Determine that ex penditures have been formally approved fo r cha rge to indiv idual funds and check to see that prope r dist ribution was made to those f unds. Verify that ex penditures a re posted to the cash disbursements journal on a timely basis. T ransactio ns posted by the next day a re conside red timely. Examine checks w ritten for amounts over $7,500 and asce rtain if cent ral office approval was obtained.. Ve rify that all checking accounts a re interest bea ring. reconcile cash the amount of the Calculate the yea r-to -date g ross profit pe rcentage on concession sales. Compa re Prior year gross profit pe rcentage was 34.70% results w ith prio r year calculations and the compa red to 39 16L% fo r this yea r. Variance other schools yea r-to-date percentages. (increase ) of 4.9L% is w ithin the 5% range as Inquire as to rea sons fo r va riances. established by schoo l boa rd. 24

27 ZWO LLE H IGH SCHOO L Co nc luded Ex hibit L Examine monthly f inancial repo rts a nd bank reconciliations fo r two randomly selected months to ve rify that they a re prepa red on a timely basis. Items completed by t he fifteenth of the follow ing month a re conside red timely. Randomly select f ive fixed assets located at the school and t race to the invento ry reco rds maintained by the cent ral office. Not applicable this cycle. Randomly select five fixed assets invento ry reco rds maintained by the cent ral office and ve rify their existence of the assets. Not applicable this cycle 25