Lisa introduced Mr. Bambo Sonaike, the school's outside, independent auditor.  WIA has worked with Mr. Sonaike over the past several years.

Page 12 is the relevant balance sheet as it removes the various non-cash items and pension liability figure.  The DoE will focus on this statement which shows WIA with a positive fund balance at the end of FY 21.

The notes provide context for all of the figures.  Page 23 outlines capital assets.  Page 22 details the Federal PPE Loan which we anticipate will converted into income once the school satisfies upcoming federal requirements.  Page 36 is the audit summary:  no issues of non-compliance, making this a clean audit. 

Lisa asked Bambo to speak to the group regarding implications for upcoming financial statements regarding operating in a virtual environment associated with Covid.  Challenge is that fewer individuals are physically seeing transactions as they are being processed, potentially exposing the school to additional risk.  Mr. Sonaike recommended additional measures to implement to maintain the integrity of business transactions going forward.  The committee will work with school leadership to draft revised policies and procedures in the upcoming months. 

Lisa will follow up with Bambo regarding upcoming 1099 filings. 

In August, President Trump signed an executive order allowing organizations to defer payroll tax with holdings during the continued challenges of the pandemic.  Participation is optional.  After discussion and due diligence, the school has decided to opt out of the program. 

Thomas asked about communication to the staff.  Lisa indicated that there haven't been any inquiries from any employees.