Wantagh internal audit finds district's financial controls adequate

Wantagh school budget, capital reserve fund pass

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A majority of Wantagh voters passed the 2018-19 budget on May 15, with 1,215 voting for and 424 against. The $77.95 million spending plan is a 1.41 increase over the current school budget — and the tax levy will be raised by 2.82 percent. The average Wantagh homeowner with a home valued at $331,036 will see their school tax bill raised by $243 during the next school year.

Anthony Greco, the 52-year-old incumbent who ran unopposed, won back his board of education seat with 1,270 overall votes. He will serve his third term.

Wantagh School District Superintendent John C. McNamara thanked the

community for approving the budget and supporting the establishment of a $7.5 million capital reserve fund to allow the District to address facilities’ needs in future years.

About two weeks before the budget vote, McNamara released the results of an internal audit done by an outside firm in January — and requested by the Herald for several weeks. The audit by Certified Public Accountants Nawrocki Smith, LLP examined the adequacy of the District’s internal controls over revenue and cash management to ensure that reporting is “accurate and timely, duties are properly performed and segregated, controls are implemented, and assets are properly safeguarded.” The findings were copied into a letter from McNamara on the District’s website. He said a corrective action plan for many of the recommendations made has already been put in place.

Observations and recommendations made in the report include:

- District is appropriately anticipating state aid revenue and properly recording payment amounts in the accounting system.

- In cases of “Out of District Tuition,” where non-residents come into district to get services that are then charged back to their home districts, Wantagh business officials should make every effort to obtain a signed agreement from the district of residence prior to students receiving services to ensure that all parties are in agreement with services and payments.

-When granting requests to outside groups to use District facilities, the District should obtain a certificate of liability insurance from prior to approving the request — and review the coverage details to ensure the group is properly insured before use.

- District should make sure to collect its vending machine commission checks — and annual guaranteed payment for both snacks and beverages from the machines — beginning with the 2017-2018 school year. Also, the District should reconcile the commission percentages on reports to the contract to ensure it’s receiving the proper commission percentage.

- District should continue to deposit cash and checks within one week of receipt by the District.

- District should make sure to utilize the sales tax exempt certificate maintained with each petty cash account, when making petty cash purchases.

- District continue to monitor checks to vendors or employees that have been outstanding for at least six months; check’s that have been outstanding for more than one year, should be canceled as per General Municipal Law.