Financial Compliance. NC DPI Monitoring & Compliance Section October 21, 2013. Objectives. Attendees will gain an understanding of the following: NC DPI’s Monitoring & Compliance Section Roles Contact information
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Monitoring & Compliance Section
October 21, 2013
Attendees will gain an understanding of the following:
What is the role of Monitoring & Compliance Section related to charter schools?
Provide quality support to charter schools and their stakeholders through timely and accurate oversight and monitoring of charter school grants, programs and related initiatives.
Under what authority does Monitoring and & Compliance operate?
34 CFR 80.40 - Grantees (DPI) must monitor grant and subgrant supported activities to assure compliance with applicable Federal requirements.
Oversight activities include (but are not limited to) the following:
What is fiscal monitoring?
What are some examples?
Time and Effort
Budget vs. Expenditure
Written Policies and Procedures
Review and analysis of the charter school’s activities to ensure Federal awards are used for authorized purposes in compliance with laws, regulations, and the provisions of contracts or grant agreements.
What is the expectation for fiscal responsibility for charter schools?
Types of Grants
Federal Funding Sources
IDEA Title VI-B (PRC 060)
Title I (PRC 050)
Federal Grants Available Through DPI
North Carolina Education Law requires an annual audit in accordance with:
Financial Statement Red Flags:
Most Common Audit Findings
What is Internal Control?
A process effected by an entity’s board, management and personnel designed to provide reasonable assurance regarding the achievement of certain objectives.
What are the objectives of internal controls?
4) Information &
4) Information &
4) Information &
5 Key Components
of Internal Control
1. Control Environment
Goal is to set the tone for the organization so management and employees have similar attitudes towards compliance
2. Risk Assessment
Goal is to be able to identify and assess the threat that an event, action, or non-action will adversely affect the school’s ability to achieve its business objectives and strategies.
3. Control Activities
Goal is to develop an internal control system that helps ensure management’s directives are carried out throughout the organization.
4. Information and Communication:
Goal is for management to determine the answers to the following:
Goal is for monitoring to be both internal and external, occur on a regular, consistent basis utilizing policies and procedures as the benchmark to evaluate the effectiveness of the internal controls system and to be able to identify and report deficiencies.
What are three stages of noncompliance for charter schools?
Minimal level warning to encourage immediate compliance.
State funds may be allotted on a monthly basis.
10 days to respond to noncompliance issues. Last step before recommendation revocation of charter.
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