Audit Rpt and Notes - 6-30-08

BROOKLYN CHARTER SCHOOL Audited Financial Statements June 30, 2008 BROOKLYN CHARTER SCHOOL Table of Contents Page Independent Auditors’ Report 1 – 2 Statement of Financial Position 3 Statement of Activities 4 Statement of Functional Expenses 5 Statement of Cash Flows 6 Notes to Financial Statements 7 – 11 Report on Internal Control over Financial Reporting and on Compliance and other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 12 – 13 Schedule of Findings and Responses 14 INDEPENDENT AUDITORS’ REPORT To the Board of Trustees of Brooklyn Charter School We have audited the accompanying statement of financial position of Brooklyn Charter School (“the School”) as of June 30, 2008, and the related statements of activities, functional expenses, and cash flows for the year then ended. These financial statements are the responsibility of the School’s management. Our responsibility is to express an opinion on these financial statements based on our audit. The prior year summarized comparative information has been derived from the School’s June 30, 2007 financial statements and, in our report dated October 16, 2007 we expressed an unqualified opinion on those financial statements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the ...