The New York State Comptroller’s Office recently conducted an audit of the Onondaga Cortland Madison Board of Cooperative Educational Services (BOCES) to determine if the organization’s officials were maximizing their interest earnings.
The audit found BOCES did not maximize their interest earnings and as a result of a review of a 18-month period, found officials missed the opportunity for BOCES to gain an additional earning of $310,865 from interest.
In a press release by the Comptroller’s Office, auditors found BOCES did not:
- Develop and manage a comprehensive investment program or develop procedures for the operation of the investment program in compliance with with the Board of Education’s investment policy
- Invest available funds throughout the audit period in an authorized cooperative mini-cap investment fund that offered higher interest rates
- Prepare monthly cash flow forecasts or ensure interest rate quotes were solicited to maximize interest earnings
Overall, BOCES agreed more could’ve been done after the recent findings by auditors were given to officials. BOCES plans to implement the recommendations given, which were to create written investment program procedures and prepare monthly cash flow forecasts.
