Each DC public charter school is required to conduct annually a thorough audit of its finances and operations. Each audit is conducted by a third-party auditor, chosen by the school from a list of auditors approved by DC PCSB, the Office of the Chief Financial Officer, and the Office of the State Superintendent of Education. DC PCSB analyzes and summarizes the information in these audits to produce the Financial Analysis Report (FAR) - formerly referred to as the Financial Audit Review or study of fiscal audits - as a joint project with all three agencies, that present consistent and transparent information about DC public charter schools’ finances and operations.
2018 Financial Analysis Report
This year's report shows that DC public charter schools’ aggregated financial results continue to show strong financial results, as reflected by the six key financial indicators. Fifty-three schools, or 80% of the total LEAs in the sector, meet or exceed all of these standards.
DC public charter schools’ aggregated financial results continue to show strong financial results. As indicated below, roughly 90% of schools meet or exceed DC PCSB standards for individual indicators of financial strength. Forty-seven schools (72%) meet or exceed all of these standards.
For the first time, this FAR Report includes an evaluation of each auditor’s compliance with DC PCSB’s audit guidelines and expectations, available in Tab 4. These evaluations, which highlight areas of concern or non-compliance, will comprise one component of the auditor review process, which determines the approved auditor list described in the report.
This Financial Audit Review (FAR) is based on the financial audits of all Washington, DC public charter schools for the fiscal year ending June 30, 2014. The FAR is intended to provide information about the financial health of individual charters and the charter sector as a whole in an easy-to-read format.
Pilot studies were issued for FY10 and FY11, with the first public report in 2012. Since FY10, the number of high-performing schools has increased from 11 in FY10 to 31 in FY14, while low-performing schools have decreased from 13 to 5.
This report analyzes uniform data from PCS financial audits in order to measure the fiscal performance of DC charter schools. Pilot reports were issued for FY10 and FY11, and this FY12 report is the second report made available to schools and the public.