Description
The East Orange School District has prepared a Corrective Action Plan (CAP) to address findings from the Comprehensive Annual Financial Report (CAFR) and Annual Municipal Report (AMR) for the fiscal year ended June 30, 2024. The plan outlines various corrective actions to be taken by the district, including enhancing internal controls, reviewing and updating financial policies, and implementing new procedures for contract awards and payments. The plan also includes recommendations for improving cash management, accounts payable, and accounts receivable processes. The district aims to complete the implementation of these corrective actions by various dates between February 2025 and June 2025.
* Enhance internal controls over financial reporting
* Review and update financial policies
* Implement new procedures for contract awards and payments
* Improve cash management, accounts payable, and accounts receivable processes
* Update the Fixed Asset report annually
* Discontinue the use of debit cards, ACH transactions, and direct withdrawals
* Deposit student store receipts in a timely manner