Tuesday, August 31, 2010

DETAIL OF INSPECTOR GENERAL’S AUDIT OF NOW CHARTER SCHOOL

Sidebar from the Contra Costa Times/LA Daily News Story describing “mishandling” of funds.

LAUSD: Misuse of money

An LAUSD audit of New Academy Charter in Canoga Park identified the misappropriation of $1.7 million in public money and an additional $1 million of questioned costs between July 1, 2007, and Nov. 30, 2009.

The findings include:

•The withdrawal of nearly $1.1 million by former Principal Edward Fiszer, who used cashier's checks deposited to his personal Ameritrade investment account.

•$106,350 from the Los Angeles County Office of Education that was untraceable to any of New Academy accounts.

•$55,500 from LAUSD that was untraceable to any of New Academy accounts.

•$382,000 in "unsupported expenditures."

•$142,000 in cashier's checks drawn from New Academy's general fund without adequate support.

•$400,000 for professional services/consultants without a valid contract.

Source: Office of the Inspector General

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