FINANCIAL STATEMENTS REGULATORY BASIS AND REPORTS
FINANCIAL STATEMENTS – REGULATORY BASISAND REPORTS OF INDEPENDENT AUDITORASTEC CHARTER SCHOOL, E-004OKLAHOMA COUNTY, OKLAHOMAJUNE 30, 2016Audited bySANDERS, BLEDSOE & HEWETTCERTIFIED PUBLIC ACCOUNTANTS, LLPBROKEN ARROW, OK
ASTEC CHARTER SCHOOL NO. E-004, OKLAHOMA COUNTYSCHOOL DISTRICT OFFICIALSJUNE 30, 2016BOARD OF EDUCATIONChairmanBrad MartinVice-ChairmanDebra MurrayFinancial AdvisorDr. Jack KimblerMembersMarilyn AndarakesJeff CatoDr. Tom FriedemannRev. Krizzo MeadowsChris GoldsbyElizabeth ParkerCHIEF EXECTUIVE OFFICERDr. Freda DeskinTREASURERSherri O’Neil2
ASTEC CHARTER SCHOOL NO. E-004, OKLAHOMA COUNTYJUNE 30, 2016TABLE OF CONTENTSPage No.School District Officials2Table of Contents3Independent Auditor’s Report5-6Independent Auditor’s Report on Internal Control over FinancialReporting and on Compliance and Other Matters Basedon an Audit of Financial Statements - Regulatory Basis –Performed in Accordance with Government Auditing Standards7-8Independent Auditor’s Report on Compliance for eachMajor Program and Internal Control over ComplianceRequired by the Uniform Guidance9-10Disposition of Prior Year’s Significant Deficiencies andMaterial Instances of Non-Compliance11Schedule of Audit Results12Combined Financial Statements – Regulatory BasisCombined Statement of Assets, Liabilities and Fund Balance- All Fund Types – Regulatory Basis13Combined Statement of Revenues Collected, Expenditures andChanges in Cash Fund Balances – All Governmental Fund Typesand Expendable Trusts – Regulatory Basis14Combined Statement of Revenues Collected, Expenditures andChanges in Cash Fund Balances – Budget and Actual– Budgeted Governmental Fund Types – Regulatory Basis15Notes to Combined Financial Statements - Regulatory Basis16-29Combining Financial Statements – Regulatory BasisCombining Statement of Changes in Assets and Liabilities– Agency Funds – Regulatory Basis330-31
ASTEC CHARTER SCHOOL NO. E-004, OKLAHOMA COUNTYJUNE 30, 2016Schedule of Expenditures of Federal Awards – Regulatory Basis32Schedule of Statutory, Fidelity and Honesty Bonds33Schedule of Accountant’s Professional Liability Insurance Affidavit344
INDEPENDENT AUDITOR’S REPORTMarch 3, 2017The Honorable Board of EducationASTEC Charter School Number E-004Oklahoma City, Oklahoma County, OklahomaReport on the Financial StatementsWe have audited the accompanying combined fund type and account group financial statements – regulatory basis of theASTEC Charter School District Number E-004, Oklahoma City, Oklahoma County, Oklahoma (the School), as of and for theyear ended June 30, 2016, and the related notes to the financial statements, which collectively comprise the School’s basicfinancial statements as listed in the table of contents.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance with financialreporting provisions of the Oklahoma State Department of Education to meet financial reporting requirements of the State ofOklahoma; this includes determining that the regulatory basis of accounting is an acceptable basis for the preparation of thefinancial statements in the circumstances. Management is also responsible for the design, implementation, and maintenance ofinternal control relevant to the preparation and fair presentation of financial statements that are free from materialmisstatement, whether due to fraud or error.Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit inaccordance with auditing standards generally accepted in the United States of America, and the standards applicable tofinancial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Thosestandards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements arefree from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of materialmisstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considersinternal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriatenessof accounting policies used and the reasonableness of significant accounting estimates made by management, as well asevaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.Basis for Adverse Opinion on U.S. Generally Accepted Accounting PrinciplesAs discussed in Note 1, the financial statements are prepared by the School, on the basis of the financial reporting provisions ofthe Oklahoma State Department of Education, which is a basis of accounting other than accounting principles generallyaccepted in the United States of America, to comply with the requirements of the Oklahoma State Department of Education.The effects on the financial statements of the variances between the regulatory basis of accounting described in Note 1 andaccounting principles generally accepted in the United States of America, although not reasonable determined, are presumed tobe material.5
Adverse Opinion on U.S. Generally Accepted Accounting PrinciplesIn our opinion, because the significance of the matter discussed in the “Basis for Adverse Opinion on U.S. Generally AcceptedAccounting Principles” paragraph, the financial statements referred to in the first paragraph do not present fairly, in accordancewith accounting principles generally accepted in the United States of America, the financial position of the School as of June30, 2016, the changes in its financial position, or, where applicable, its cash flows for the year then ended.Basis for Qualified Opinion on Regulatory Basis of AccountingThe financial statements referred to above do not include the general fixed asset account group, which is a departure from theregulatory basis of accounting prescribed by the Oklahoma State Department of Education. The amount that should berecorded in the general fixed asset account group is not known.Qualified Opinion on Regulatory Basis of AccountingIn our opinion, except for the effects of the matter described in the “Basis for Qualified Opinion on Regulatory Basis ofAccounting” paragraph, the financial statements referred to in the first paragraph present fairly, in all material respects, theassets, liabilities and fund balance arising from regulatory basis transactions of each fund type and account group of theSchool, as of June 30, 2016, and the revenues collected and expenditures paid and encumbered for the year then ended on theregulatory basis of accounting described in Note 1.Other MattersOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise theSchool’s basic financial statements. The combining statements – regulatory basis, are presented for purposes of additionalanalysis and are not a required part of the basic financial statements. The schedule of expenditures of federal awards ispresented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part ofthe basic financial statements.The combining statements – regulatory basis and the schedule of expenditures of federal awards are the responsibility ofmanagement and were derived from and relate directly to the underlying accounting and other records used to prepare the basicfinancial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financialstatements and certain additional procedures, including comparing and reconciling such information directly to the underlyingaccounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, andother additional procedures in accordance with auditing standards generally accepted in the United States of America. In ouropinion, the combining statements – regulatory basis and the schedule of expenditures of federal awards are fairly stated in allmaterial respects in relation to the basic financial statements as a whole.Other Reporting required by Government Auditing StandardsIn accordance with Government Auditing Standards, we have also issued our report dated March 3, 2017 on our considerationof the School’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws,regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testingof internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on theinternal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordancewith Government Auditing Standards in considering the School’s internal control over financial reporting and compliance.Sanders, Bledsoe & HewettCertified Public Accountants, LLPBroken Arrow, OK6
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTINGAND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIALSTATEMENTS PERFORMED IN ACCORDANCE WITHGOVERNMENT AUDITING STANDARDSMarch 3, 2017The Honorable Board of EducationASTEC Charter School Number E-004Oklahoma City, Oklahoma County, OklahomaWe have audited in accordance with auditing standards generally accepted in the United States of America and thestandards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States, the accompanying fund type and account group financial statements – regulatory basis within thecombined financial statements of the ATEC Charter School District Number E-004, Oklahoma City, Oklahoma County,Oklahoma (School), as of and for the year ended June 30, 2016, and the related notes to the financial statements, whichcollectively comprise the School’s basic financial statements, and have issued our report thereon dated March 3, 2017,which was adverse with respect to the presentation of the financial statements in conformity with accounting principlesgenerally accepted in the United States because the presentation followed the regulatory basis of accounting for Oklahomaschool districts and did not conform to the presentation requirements of the Governmental Accounting Standards Board.However, our report was qualified for the omission of the general fixed asset account group with respect to the presentationof financial statements on the regulatory basis of accounting authorized by the Oklahoma State Board of Education.Internal Control Over Financial ReportingIn planning and performing our audit of the financial statements, we considered the School’s internal control over financialreporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose ofexpressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness ofSchool’s internal control. Accordingly, we do not express an opinion on the effectiveness of School’s internal control.A deficiency in internal control exists when the design or operation of a control does not allow management or employees,in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timelybasis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is areasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected andcorrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal controlthat is less severe than a material weakness, yet important enough to merit attention by those charged with governance.Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was notdesigned to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Giventhese limitations, during our audit we did not identify any deficiencies in internal control that we consider to be materialweaknesses. However, material weaknesses may exist that have not been identified.7
Compliance and Other MattersAs part of obtaining reasonable assurance about whether the School’s financial statements are free of materialmisstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grantagreements, non-compliance with which could have a direct and material effect on the determination of financial statementsamounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, andaccordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or othermatters that are required to be reported under Government Auditing Standards.Purpose of this ReportThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results ofthat testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This reportis an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’sinternal control and compliance. Accordingly, this communication is not suitable for any other purpose.Sanders, Bledsoe & HewettCertified Public Accountants, LLPBroken Arrow, OK8
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ONINTERNAL CONTROL OVER COMPLIANCE REQUIREDBY THE UNIFORM GUIDANCEMarch 3, 2017The Honorable Board of EducationASTEC Charter School Number E-004Oklahoma City, Oklahoma County, OklahomaReport on Compliance for Each Major Federal ProgramWe have audited ASTEC Charter School District Number E-004, Oklahoma City, Oklahoma County, Oklahoma(School)’s, compliance with the types of compliance requirements described in the OMB Compliance Supplement thatcould have a direct and material effect on each of the School’s major federal programs for the year ended June 30, 2016.The School’s major federal programs are identified in the summary of auditor’s results section of the accompanyingschedule of findings and questioned costs.Management’s ResponsibilityManagement is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to itsfederal programs.Auditor’s ResponsibilityOur responsibility is to express an opinion on compliance for each of the School’s major federal programs based on ouraudit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance withauditing standards generally accepted in the United States of America; the standards applicable to financial audits containedin Government Auditing Standards, issued by the Comptroller General of the United States, and the audit requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Those standards and Uniform Guidance require that we plan andperform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirementsreferred to above that could have a direct and material effect on a major federal program occurred. An audit includesexamining, on a test basis, evidence about the School’s compliance with those requirements and performing such otherprocedures as we considered necessary in the circumstances.We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program.However, our audit does not provide a legal determination of the School’s compliance.Opinion on Each Major Federal ProgramIn our opinion. the School, complied, in all material respects with the types of compliance requirements referred to abovethat could have a direct and material effect on each of its major federal programs for the year ended June 30, 2016.9
Report on Internal Control Over ComplianceManagement of the School, is responsible for establishing and maintaining effective internal control over compliance withthe types of compliance requirements referred to above. In planning and performing our audit of compliance, weconsidered the School’s internal control over compliance with the types of requirements that could have a direct andmaterial effect on each major federal program to determine the auditing procedures that are appropriate in thecircumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and reporton internal control over compliance in accordance with Uniform Guidance, but not for the purpose of expressing an opinionon the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness ofthe School’s internal control over compliance.A deficiency in internal control over compliance exists when the design or operation of a control over compliance does notallow management or employees, in the normal course of performing their assigned functions to prevent or detect andcorrect, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weaknessin internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, suchthat there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federalprogram will not be prevented, or defected and corrected, on a timely basis. A significant deficiency in internal control overcompliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliancerequirement of a federal program that is less severe than a material weakness in internal control over compliance, yetimportant enough to merit attention by those charged with governance.Our consideration of internal control over compliance was the limited purpose described in the first paragraph of thissection and was not designed to identify all deficiencies in internal control over compliance that might be materialweaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that weconsider to be material weaknesses. However, material weaknesses may exist that have not been identified.The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internalcontrol over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly,this report is not suitable for any other purpose.Sanders, Bledsoe & HewettCertified Public Accountants, LLPBroken Arrow, OK10
ASTEC CHARTER SCHOOL NO. E-004, OKLAHOMA COUNTYDISPOSITION OF PRIOR YEAR’S SIGNIFICANT DEFICIENCIES ANDMATERIAL INSTANCES OF NON-COMPLIANCEJUNE 30, 2016There were no prior year significant deficiencies.11
ASTEC CHARTER SCHOOL NO. E-004, OKLAHOMA COUNTYSCHEDULE
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles As discussed in Note 1, the financial statements are prepared by the School, on the basis of the financial reporting provisions of the Oklahoma State Department of Education, which is a basis of accounting ot
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