2024
FINDING 2024-001 STEWARDSHIP AND COMPLIANCE
Unassigned fund balance is not to exceed 4% of the subsequent year’s budget to comply with Section 1318 of the New York State Property Tax Law.
CONDITION
The School Districts unassigned fund balance was greater than the New York State Real Property Tax Law Section 1318 Limit.
CORRECTIVE ACTION PLAN
The district continues to reduce the unassigned fund balance. As of the close of the 2023-2024 school year, the district’s unassigned fund balance was lower than the previous year by 1.14%. The district remains committed to reducing the unassigned fund balance. Steps are taken annually to review and update the district’s long range financial plan and the reserve plan which are both presented to the Board of Education for review and approval. These tools are used to determine funding levels for both assigned and unassigned fund balances as the annual budget is developed and presented to the voters of the Menands Union Free School District. The district is cautious not to reduced the unassigned fund balance too quickly because the size of our budget is relatively small, and we have a homeless shelter in our district which can create spikes in the expenditures for students that require unanticipated special education and support services.
2023
FINDING 2023-001 STEWARDSHIP AND COMPLIANCE
Unassigned fund balance is not to exceed 4% of the subsequent year’s budget to comply with Section 1318 of the New York State Property Tax Law.
CONDITION
The School Districts unassigned fund balance was greater than the New York State Real Property Tax Law Section 1318 Limit.
CORRECTIVE ACTION PLAN
As planned the District realized a slight reduction in unassigned fund balance as of the close of the 2022-2023 School year, steps will continue to be taken to further reduce unassigned fund balance. Jennifer Cannavo the Superintendent of The Menands Union Free School District and Business Manager Ms. Joanne Moran will work in conjunction with the Board of Education to continuously review the reserve plan as future budgets are developed. The end result is to establish a budget that balances the needs of our students and taxpayers alike. We will continue to work to reduce the unassigned FB and anticipate to be within the 4% by June 30, 2025.
2022
FINDING 2022-001 STEWARDSHIP AND COMPLIANCE
Unassigned fund balance is not to exceed 4% of the subsequent year’s budget to comply with Section 1318 of the New York State Property Tax Law.
CONDITION
The School Districts unassigned fund balance was greater than the New York State Real Property Tax Law Section 1318 Limit.
CORRECTIVE ACTION PLAN
The District will continue to work to reduce unassigned fund balance through maximizing reserves. The district realized unanticipated revenue in the 2021-2022 school year as a result of fluctuations in the homeless population. This had a negative impact on the unassigned fund balance. As the 2023-2024 budget is created the Superintendent and Business Manager will continuously review assigned fund balance in an effort to mitigate the tax implication on our property owners. The Business Manager and Superintendent will review all reserve options available to the district and work with the Board of Education to fund applicable reserves. We anticipate the unassigned fund balance to decrease over the next three years to be more in line with the allowable 4%.
2021
FINDING 2021-001 STEWARDSHIP AND COMPLIANCE
Unassigned fund balance is not to exceed 4% of the subsequent year’s budget to comply with Section 1318 of the New York State Property Tax Law.
CONDITION
The School Districts unassigned fund balance was greater than the New York State Real Property Tax Law Section 1318 Limit.
CORRECTIVE ACTION PLAN
The District has been working on reducing the unassigned fund balance. The District has developed a reserve plan that will be reviewed throughout the school year. As a part of the plan, the management will be reviewing the other options available to move excess fund balance to allowable reserves.
2020
FINDING 2020-001 STEWARDSHIP AND COMPLIANCE
Unassigned fund balance is not to exceed 4% of the subsequent year’s budget to comply with Section 1318 of the New York State Property Tax Law.
CONDITION
The School Districts unassigned fund balance was greater than the New York State Real Property Tax Law Section 1318 Limit.
CORRECTIVE ACTION PLAN
The District has been working on reducing the unassigned fund balance. The District has developed a reserve plan that will be reviewed throughout the school year. As a part of the plan, the management will be reviewing the other options available to move excess fund balance to allowable reserves.
FINDING
As of June 30th 2020 the following conditions were noted in the management letter.
1. Extra Classroom the following finding had been noted:
a. One instance of missing student signatures on a receipt.
2. Disbursement Testing
a. Testing of 40 disbursements it was noted instances where the purchase order was dated after the invoice date.
ACTION TAKEN OR PLANNED
The District will be taking the following steps throughout the 2020-2021 school year to address all the conditions noted in the management letter.
1. Extra Classroom the following finding had been noted:
a. The Business Manager and the Central Treasurer will send out to Faculty Advisors for review the NYS Pamphlet #2. Focus will be on the completion of the proper paperwork and document for submission. Management will oversee the internal process to ensure the proper signature are recorded on all receipts.
2. Disbursement Testing
a. Throughout the 2020-2021 school year management will review with all staff the district’s purchasing policy.
2019
FINDING 2019-001 STEWARDSHIP AND COMPLIANCE
Unassigned fund balance is not to exceed 4% of the subsequent year’s budget to comply with Section 1318 of the New York State Property Tax Law.
CONDITION
The School Districts unassigned fund balance was greater than the New York State Real Property Tax Law Section 1318 Limit.
CORRECTIVE ACTION PLAN
The District has been working on reducing the unassigned fund balance. The District has developed a reserve plan that will be reviewed throughout the school year. As a part of the plan, the management will be reviewing the other options available to move excess fund balance to allowable reserves.
FINDING
As of June 30th 2019 the following conditions were noted in the management letter.
1. Extra Classroom the following finding had been noted:
a. One instance of missing student signatures on a receipt.
2. Disbursement Testing
a. Testing of 40 disbursements it was noted two instances to purchase order was dated after the invoice date.
ACTION TAKEN OR PLANNED
The District will be taking the following steps throughout the 2019-2020 school year to address all the conditions noted in the management letter.
1. Extra Classroom the following finding had been noted:
a. The Business Manager and the Central Treasurer will send out to Faculty Advisors for review the NYS Pamphlet #2. Focus will be on the completion of the proper paperwork and document for submission. Management will oversee the internal process to ensure the proper signature are recorded on all receipts.
2. Disbursement Testing
a. Throughout the 2019-2020 school year management will review with all staff the district’s purchasing policy.
2018
FINDING 2018-001 STEWARDSHIP AND COMPLIANCE
Unassigned fund balance is not to exceed 4% of the subsequent year’s budget to comply with Section 1318 of the New York State Property Tax Law.
CONDITION
The School Districts unassigned fund balance was greater than the New York State Real Property Tax Law Section 1318 Limit.
CORRECTIVE ACTION PLAN
The District has been working on reducing the unassigned fund balance, which we have reduced down over the last 5 years. The District has developed a reserve plan that will be reviewed throughout the school year. As a part of the plan, the management will be reviewing the other options available to move excess fund balance to allowable reserves.
FINDING
As of June 30th 2018 the following conditions were noted in the management letter.
1. Extra Classroom the following finding had been noted:
a. Missing student signatures on both receipts and disbursements.
2. Tax Certiorari
a. The District currently has a tax certiorari which exceeds the current claims and judgement against the District
3. Disbursement Testing
a. Testing of 40 disbursements it was noted two instances to purchase order was dated after the invoice date
ACTION TAKEN OR PLANNED
The District will be taking the following steps throughout the 2018-2019 school year to address all the conditions noted in the management letter.
1. Extra Classroom the following finding had been noted:
a. The District Treasurer and the Central Treasurer will be meeting with Faculty Advisors to review the NYS Pamphlet #2. Focus will be on the completion of the proper paperwork and document for submission. Management will oversee the internal process to ensure the proper signature are recorded on all receipts and disbursements.
2. Tax Certiorari
a. The Tax Certiorari will be reviewed at the close of 2018-2019 school year. Action will be taken if warranted.
3. Disbursement Testing
a. Throughout the 2018-2019 school year, management will review with all staff the district’s purchasing policy.
2017
FINDING 2017-001 STEWARDSHIP AND COMPLIANCE
Unassigned fund balance is not to exceed 4% of the subsequent year’s budget to comply with Section 1318 of the New York State Property Tax Law.
CONDITION
The School Districts unassigned fund balance was greater than the New York State Real Property Tax Law Section 1318 Limit.
CORRECTIVE ACTION PLAN
The District has been working on reducing the unassigned fund balance, which we have reduced down over the last 5 years. The District has developed a reserve plan that will be reviewed throughout the school year. As a part of the plan, the management will be reviewing the other options available to move excess fund balance to allowable reserves.
FINDING
As of June 30th 2017 the following conditions were noted in the management letter.
1. Extra Classroom the following finding had been noted:
a. Missing student signatures on both receipts and disbursements.
2. Tax Certiorari
a. The District currently has a tax certiorari which exceeds the current claims and judgment against the District.
ACTION TAKEN OR PLANNED
The District will be taking the following steps throughout the 2017-2018 school year to address all the conditions noted in the management letter.
1. Extra Classroom the following finding had been noted:
a. The District Treasurer and Central Treasurer will be meeting with Faculty Advisors to review the NYS Pamphlet #2. Focus will be on the completion of the proper paperwork and document for submission. Management will oversee the internal process to ensure the proper signature are recorded on all receipts and disbursements.
2. Tax Certiorari
a. The Tax Certiorari will be reviewed at the close of 2017-2018 school year. Action will be taken if warranted