CFO: district audit clean but seven‑year chart‑of‑accounts compliance issue remains

Martin Angulo, chief financial officer for Nantucket Public Schools, presented the annual agreed‑upon procedures and end‑of‑year report on May 19 and told the committee there were no reporting findings this year but one recurring general‑compliance exception.

"This year's total, for instance, for all of those funds when taken into account were $62,872,000," Angulo said, summarizing revenue and expense categories (operating budget, federal and state grants, school lunch and other revolvers). He said auditors found no reporting exceptions but continued a longstanding finding that the district's Munis chart of accounts is not DESE‑compliant. "We've had this finding for seven years," he said, and warned it could prompt formal warnings or corrective requests from the state if not addressed.

Angulo described challenges in restructuring the chart of accounts: converting historical account codes into a DESE‑compliant structure without losing historic data is complex and will require consultant support or vendor assistance. He said many Massachusetts districts use Munis and echoed auditor comments that the issue is widespread across the state.

Committee members congratulated the business office on the clean report and asked about the timing and resources needed to address the chart‑of‑accounts issue. Angulo said he will investigate options and report back; the committee did not vote on financial changes at the meeting.

Next step: the CFO will explore consultant or vendor paths to restructure the chart of accounts and update the committee on timing and cost requirements.