A Practice of Strategically Solving Problems
Long-standing specialists in the K-12 arena, VTD has leveraged its extensive education experience to provide services to charter schools for 25 years. Indeed, since the Charter School Legislation was passed in California in 1992, VTD has become an accomplished leader in this specialized area. We provide in-depth services to charter schools through our ofﬁces from Northern to Southern California. Our client base includes both national charter schools and common management organizations (CMO).
VTD’s auditors are highly experienced with the applicable compliance requirements including attendance accounting of classroom and non-classroom based instruction mode. We are also intimately familiar with changes at both the state and federal levels. Because charter schools are mandated to have annual independent ﬁscal audits in accordance with generally accepted auditing standards, we work closely with our clients to ensure they adhere to these standards. Of note, charter schools must turn in their annual audit by December 15th to the authorizer, the county ofﬁce of education, the State Controller and the California Department of Education (CDE). Also required is strict adherence to the Governmental Auditing Standards when conducting the audits; if the charter schools expend more than $750,000 in federal funds, a federal audit is required.
Expertise and Documentation: The Wind Beneath their Wings
In addition to audits, we have experts who go on-site to help with the ﬁling and preparing of tax documents that address the speciﬁc laws for nonproﬁt organizations. Working in close partnership with charter schools’ back ofﬁce provider, we function as a team to help each entity meet its reporting requirements. Everything is accomplished electronically, which is both easier and cost-effective.
And while we are independent, we help them optimize the process. We’ve assisted in implementing documentation, resulting in a thorough, timely and efﬁcient audit. We also provide additional services including tax return related resolutions when needed and we investigate and report on speciﬁc issues.
When issues arise, VTD is known for its continuing communication and work with the sponsoring district and county ofﬁce of education to work toward resolution. We actively participate in industry leading workshops at conferences as well as in training and on-site guidance with supporting charter school afﬁliates.
Further, we offer valuable knowledge and services regarding the State Compliance Requirements in the Standards and Procedures for Audits of California K-12 Local Educational Agencies (issued by the California Education Audit Appeals Panel) and Federal Compliance Requirements as described in uniform compliance guidelines.
Finally, we have contributed extensively to compliance and accounting materials used by others in our industry. Add to that extensive continuing education as well as working with the Ofﬁce of the State Controller, the Department of Education and the Fiscal Crisis and Management Assistance Team (FCMAT) to handle any accounting and auditing issues of charter schools.