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 Banner Catches Some CAB Reporting Errors

August 22, 2007 - Although The Banner caught some of the errors the Charles A. Beard Memorial School Corporation made in their annual financial report before it was published in the newspaper's August 15 issue, it did not catch them all.

Among the errors made by CAB that were caught before publication were the following: CAB had not listed the number of noncertified full-time and part-time employees; 2006 property tax rates for three of CAB's funds were incorrect; the statement of indebtedness indicated it was for calendar year 2007 instead of 2006; and the date on which school board member Debi Ware, the board's secretary, had signed the report certifying its truth and accuracy, had been omitted.

The Banner contacted CAB about the above errors once they were discovered, and they were all corrected in time for the financial reports publication in last week's issue. However, they were not corrected in the version that had previously been published in the New Castle Courier Times.

After last week's Banner came out, an astute reader discovered another error involving the salary of CAB's business manager, David Bundy, which is listed in two different places in the report. A typo resulted in a $10 discrepancy between the two salary listings, and Bundy confirmed on Monday that $64,260 is his correct salary.

A second error The Banner found after last week's paper came out had to do with CAB's level of indebtedness for calendar year 2006. In its report, CAB had included a temporary loan of $884,375 from the Indiana Bond Bank, even though that loan was taken out this year, not in 2006.

Bundy told The Banner that the $884,375 loan should not have been listed, and said other amounts listed in the debt portion of the report had also been incorrect because they had listed debt as of June 30, 2007, not for calendar year 2006 as required. He said the correct debt amount for Holding Company (Public & Private) should have been $7,062,025, and the correct amount for Common School Loans should have been $13,553,445.73. In light of these corrections, Bundy said the total amount of debt for calendar year 2006 should have been $20,615,470.73.

According to Bundy, CAB has contacted the state Department of Education's Division of School Finance and notified them of the errors in the report. He said the DOE told him that CAB should send them a new report with the corrected information.

 

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