Ann Vaccaro-Teich, CPA

Deputy Superintendent
845-680-1005
avt@socsd.org

"Our focus is to be efficient and effective in order to provide support for our educational program while being fiscally responsible and accountable to the taxpayers of our community."

Independent Auditors' Report
Each year the District is required to have an Independent Audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.  The District's independent Audit for the year ended June 30, 2008 was performed the week of August 4, 2008.  The draft report was presented to the Audit Committee on October 2, 2008.  The Board of Education will review and accept the Audit Report on October 15, 2008. 
Audit Report for Year End June 30, 2008

Due to the increase in the District’s positive financial position the District has been able to increase its Moody’s Bond Rating twice over the past four years from an A2 Negative Outlook to a Aa3.  Based on the continued positive results from this past fiscal year the District will once again seek an increase in the Moody’s Bond Rating.

Community Finance Advisory Council/Audit Committee

Finance Council Purpose:  The Finance Council will operate in an advisory capacity with the primary purpose of understanding and being well informed regarding the finances of the District.  In addition, the council will review and discuss a variety of topics related to school finances in order to lend multiple perspectives on how the District is financially supporting its educational program.

Participants:  Liaison from the Board of Education, Deputy Superintendent and Members of the Financial Community.    
Lonnie Jacobs, Mike Reilly, Robert Uhl, Karen DiSanto, Mike McNamee, Pascal Desroches, Rich Di Loreto, Dominick Ragone and Ann Vaccaro-Teich.

Some of the topics would include: 

• Understanding municipal government and its laws and regulations

• Budget:  topics can include specific components of the budget with different departments presenting the council, communication of budget, etc.

• Financial Projections

• Financial Audit Reports

• State Aid

• Tax rate

• Internal controls and procedures

• Investments

• Borrowing/cash flow 

Audit Committee: 

Audit Committee Purpose:  To comply with Chapter 263 of the laws of 2005, “The Five-Point Plan”. 

Every school district, except those employing fewer than eight teachers, shall establish by a resolution of the board of education an audit committee to oversee and report to the board on the annual audit of the district records.  The audit committee shall be established by January 1, 2006 as a committee of the board or an advisory committee or as a committee of the whole. 

On July 6, 2005, the South Orangetown Central School District’s Board of Education established an audit committee, which is comprised of members of the board of education as well as community members who have financial, auditing and accounting experience. 

Role of the Committee:  The role of the audit committee shall be advisory and any recommendations it provides shall not substitute for any required review and acceptance by the board of education and acceptance by the trustee or board of education: 

It shall be the responsibility of the audit committee to:

• Provide recommendations regarding the appointment of the external auditor
• Meet with the external auditor prior to commencement of the audit
• Review and discuss with the external auditor any risk assessment of the district’s financial operations
• Receive and review the draft annual audit report and accompanying draft management letter and, working directly with the external auditor, assist the trustee or board of education in interpreting such documents
• Make a recommendation to the trustees or board of education on accepting the annual audit report
• Review every corrective action plan to be developed by a school district as require by this article and assist the trustees or board of education in the implementation of such plan
• Assist in the oversight of the internal audit function including, but not limited to:
   
  • Providing recommendations regarding the appointment of the internal auditor for the school district
  • The review of significant findings and recommendations of the internal auditor
  • Monitoring the school district’s implementation of such recommendations
  • The evaluation of the performance of the internal audit function

The audit committee may conduct an executive session (on limited matters).  Any trustee or member of the board of education who is not a member of such audit committee may be allowed to attend and audit committee meeting if authorized by a resolution of the trustee or board of education. 

The commissioner may promulgate regulations with respect to audit committees.

Participants:  Mike Reilly, Mike McNamee, Pascal Desroches, Lonnie Jacobs and Dominick Ragone.

Revised Audit Committee Charter October 15, 2008