Financial Issues Public
Schools Are Facing
- Business managers across the state are retiring at alarmingly high rates.
- Absence of school business and governmental accounting expertise.
- Loss of funding due to error and mismanagement of funds.
- Potential financial misstatement or embezzlement.
- Excessive and repeat audit findings.
- Lack of recommendations for improvement.
- Inability to focus solely on the educational programs due to issues in the business office.
- Possible board of finance takeover by the Public Education Department.
Our public schools are facing a financial crisis
Many public schools in New Mexico and Colorado are currently facing crisis in the business office. Due to the increase in the number of business managers in New Mexico and Colorado who are reaching the age of retirement, the qualified talent pool is getting smaller and often consists of applicants with a lack of school business and governmental accounting expertise. This often results in excessive and repeat audit findings, potential financial statement misstatements, embezzlement and ultimately the inability to focus solely on education due to issues in the business office. K12 Accounting offers New Mexico and Colorado public schools a solution to their business office needs.
National Percentage of Charter School Closures
Source: Center for the Education Reform, 2011