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Result
Leadership Preparatory Charter School has not identified any internal control or compliance issues. As part of the
school’s fiscal year 2007 audit, the auditors made no recommendations nor cited any need for corrective action plan. The
results of the school’s fiscal year 2008 audit were not available at the time of the submission of the renewal application.
Please note that there were no areas of concern regarding Leadership Preparatory’s fiscal procedures during annual CSI
visit and reviews.
III. FINANCIAL REPORTING (BENCHMARK 3C)
The school has complied with financial reporting requirements. The school has provided the State
University Board of Trustees and the State Education Department with required financial reports on
time, and such reports have been complete and have followed generally accepted accounting
principles.
Leadership Preparatory Charter School has adhered to the annual, quarterly and monthly reporting requirements of the
Charter Schools Institute, the State Education Department and the New York City Office of New Schools. Leadership
Preparatory has submitted all of these reports in an accurate and timely manner.
IV. FINANCIAL CONDITION (BENCHMARK 3D)
The school has maintained adequate financial resources to ensure stable operations and has
monitored and successfully managed cash flow. Critical financial needs of the school are not
dependent on variable income (grants, donations and fundraising).
As mentioned in the answer to Benchmark 3a, the school prepares cash flow projections in support of its annual and
long-term budgeting processes. Revisions to cash flow projections are made when significant activities occur which may
impact the school’s cash status.
The academic success of Leadership Preparatory’s students reported in the response to Question 1 is a very strong
indication that the school is providing education services at a level that meets the needs of all students.
Leadership Prep Bedford Stuyvesant Charter School
Attachment F-3