F. FINANCE
1. A copy of the school’s approved budget for the Fiscal Year 2009-2010
P
lease see Appendix A for the 2009-2010 budget. The annual audit will be submitted to the District
of Columbia Public Charter School Board by November 1, 2010, as required.
2. A list of all donors and grantors that have contributed money or in-kind donations having
a value equal to or exceeding $500 during the year reported:
• Hotel Association of Washington: 1201 New York Avenue NW, Suite 601, Washington, DC
20005 - $500 – Scholarship
• Arent Fox: 1050 Connecticut Avenue NW, Washington, DC 20036 - $836 –
Pro-bono Legal Services
• St. James Associates: 2033 M Street NW, Washington, DC 20036 - $1,000 Maria A. Ortiz Haddock Scholarship – Culinary Arts
• Julio Haddock: 509 H Street SW, Washington, DC 20024 - $1,800 –
Maria A. Ortiz Haddock Scholarship – Culinary Arts
• Sherry McKenna: 3823 Cathedral Avenue NW, Washington, DC 20016- $2,000 – Joanna Gray
and Perry Wayne Hitchcock Scholarship
• The J. Willard and Alice S. Marriott Foundation: 10400 Fernwood Road, Bethesda, MD 20817
- $50,000 – Culinary Arts
Fiscal Management
Accounting Policies: Carlos Rosario has established accounting policies and procedures as outlined
in its Accounting Policy and Procedure Handbook and further adheres to the DC Public Charter School
Board (PCSB) requirements and guidelines as outlined in its Fiscal Policy Handbook. The school
performs it annual financial audit by auditors approved by the PCSB and produces financial statements
according to GAAP. Carlos Rosario uses the accrual basis of accounting and adheres to the PCSB’s
reporting deadlines.
Financial Reporting: Carlos Rosario complies with assigned due dates related to submission of its
annual audited financial statements, annual budgets, and interim financial reports, which are presented
quarterly. The school’s annual budget is reviewed and approved by the Board of Trustees and its
financial statements are disclosed and presented to the Board of Trustees at their regular meetings.
Internal Controls: Carlos Rosario has clearly documented internal controls which are outlined in our
Accounting Policy and Procedure Handbook. These controls help us to properly safeguard our assets
and comply with District of Columbia and federal laws. Our internal controls allow for segregation of
duties, adherence to established guidelines, as well as the implementation of fair business practices.
Financials are produced and reviewed for accuracy.
Transparency of Financial Management: Carlos Rosario maintains a high level of integrity and
transparency in regard to its use of public funds. The school’s annual budget is reviewed and approved by
the Board of Trustees and its financial statements are disclosed and presented to the Board of Trustees
at their regular meetings. Carlos Rosario identifies and fully discloses all related party transactions as
required by the PCSB.
Fiscal Prudence: Carlos Rosario is very conservative and thoughtful in the preparation of its annual
balanced budget and makes responsible and sound decisions as they pertain to spending, investments,
debt management, and other financial matters. Carlos Rosario and its Board of Trustees are 100%
committed to “safeguarding the public’s confidence and the integrity of the school’s activities.”
Carlos Rosario International Public Charter School, Annual Report 2009-2010