DEPARTMENT: Pre-K 4 SA
DEPARTMENT HEAD: Kathy Bruck, CEO
COUNCIL DISTRICTS IMPACTED: Citywide
SUBJECT:
Presentation of the fiscal year 2015 financial audit and related reports.
SUMMARY:
Briefing and Board discussion of the results of the Pre-K 4 SA financial audit engagement by Padgett Stratemann & co., L.L.P for the 2015 fiscal year beginning on July 1, 2014 and ending June 30, 2015. [Santos Fraga, Jr. CPA, Partner, Marc Sewell, CPA, Partner, Michelle Hyde, CPA, Audit Manager, Padgett, Stratemann & Co., L.L.P., Alfredo Martinez, DFA, Pre-K 4 SA]
BACKGROUND INFORMATION:
The Corporation is required to engage an independent certified public accounting (CPA) firm to conduct an annual audit of the Corporation's financial records and accounts. As a result, various reports and opinions are prepared in order to communicate the financial position of the Corporation. A brief description of each of the reports produced during the annual audit is provided below.
On an annual basis, the Corporation publishes an Annual Financial Report which reports the Corporation's financial position, result of operation and the liquidity of its funds. The Annual Financial Report is presented as part of the City of San Antonio Comprehensive Annual Financial Report (CAFR) and is available to the general public.
The Corporation also publishes the Financial and Compliance Reports on Federal Grants "Single Audit Report." Because the Corporation receives financial assistance in the form of a federal grant, Single Audit Reports are required in order to comply with the Single Audit Act Amendments of 1996, and the U.S. Office of Management and Budget Circular A-133. The Single Audit Report is submitted to the Corporation's federal and state agencies from which the Corporation received grant funding during the fiscal year.
The letter on Internal Control (Management Letter) is a formal communication by Padgett, Stratemann & CO. to the Board of Di...
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