The idea of the audit can invite stress, and it’s understandable to feel daunted by the need to address compliance and other issues while you’re focused on the day-to-day aspects of growing a school. The Charter School Audits Guide Preparing Your School for the Annual Audit offers month-by-month breakdown schools can use to stave off overwhelm. The key is preparing a little bit at a time.
Here’s what the plan looks like:
As seen in the chart above, month one is dedicated to the fiscal audit overall. That’s because month one is when schools have just completed the previous year’s audit, so first steps are about how to move forward from there.
For a detailed look at previous months, click the links below:
Understand insurance laws and regulations that apply to your school
✔️ Review Your Policy and Shop Around
Check with other brokers and carriers to see if there’s a better option for your school
Look into carrier ratings, policy details, and costs for your school and employees
Tip: Make sure you check your current insurance company’s cancellation policy if you’re switching insurance companies
✔️Check Premiums and Deductibles
Review whether your premiums are broken into smaller payments or just one annual fee
Consider scheduling your premium payment differently to save money
Tip: Check your deductible to see how close you are to meeting it
✔️Examine Employee Benefits
Shop employee benefits to make sure you have the policy that’s the best fit for your school
Tip: Consider paying a flat amount rather than a percentage to keep expenses down
✔️Review Retirement Benefits
Understand what you’re offering in addition to mandatory state retirement benefits
By performing a focused audit of your insurance, you can ensure that your school is adequately protected and prepared for the future, and can help you identify potential coverage gaps and save you money. If you’re looking to learn more about insurance options for your school, your insurance broker or carrier is a great resource. You can also take a deeper look into types of insurances by downloading The Charter School Audits Guide Preparing Your School for the Annual Audit, a free guide for charter leaders.
What do you find especially challenging during your audits? What else would you add to the audit guide? Let us know in the comments.
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Since the company’s inception in 2006, Charter School Capital has been committed to the success of charter schools. We help schools access, leverage, and sustain the resources charter schools need to thrive, allowing them to focus on what matters most – educating students. Our depth of experience working with charter school leaders and our knowledge of how to address charter school financial and operational needs have allowed us to provide over $1.8 billion in support of 600 charter schools that have educated over 1,027,000 students across the country. For more information on how we can support your charter school, contact us. We’d love to work with you!