KIPP NEW ORLEANS, INC. NEW ORLEANS, LOUISIANA FINANCIAL STATEMENTS JUNE …app1.lla.state.la.us/PublicReports.nsf/5047ECF592340AEE... · 2020-06-01 · Opinion In our opinion, the

KIPP NEW ORLEANS, INC. NEW ORLEANS, LOUISIANA

FINANCIAL STATEMENTS

JUNE 30, 2014 AND 2013

Postlethwaite &Netterville

A Professional Accounting Corporation

www.pncpa.com



JUNE 30, 2014 AND 2013

TABLE OF CONTENTS

Page

INDEPENDENT AUDITORS' REPORT I


Statements of Financial Position 3

Statements of Activities and Changes in Net Assets 4

Statements of Cash Flows 5

Notes to Financial Statements 6

SUPPLEMENTARY INFORMATION

Statements of Financial Position by School 13

Statements of Activities hy School 14

P&N Postlethwaite & Netterville

A Professional Accounting Corporation Associated Offices in Principal Cities of the United States

www.pncpa.com

INDEPENDENT AUDITORS' REPORT

To the Board of Directors for KIPP New Orleans, Inc. New Orleans, Louisiana:

Report on the Financial Statements

We have audited the accompanying financial statements of KIPP New Orleans, Inc. ("KIPP") which comprise the statement of financial position as of June 30, 2014, and the related statements of activities and changes in net assets and cash flows for the year then ended, and the related notes to the financial statements.

Manasement's Resyonsibilitv for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes design, implementation, and maintenance of internal control relevant to the preparation and fan-presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit hi accordance with audithig standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error, fri making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circmnstances, but not for the purpose of expressing an opinion on the effectiveness of KIPP's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our audit opinion.

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30th Floor - Energy Centre • 1100 Poydras Street • New Orleans, lA 70163-3000 • Tel: 800.201.7332 One Galleria Blvd., Suite 2100 • Metairie, LA 70001 • Tel: 504.837.5990 • Fax: 504.834.3609

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of KIPP New Orleans, Inc. as of June 30, 2014, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Prior Period Financial Statements

The financial statements of KIPP New Orleans, Inc. as of June 30, 2013, were audited by other auditors whose report dated December 20,2013, expressed an unmodified opinion on those statements.

Other Matter

Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The statements of financial position and the statements of activities by school on pages 13 and 14 are presented for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has heen subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In onr opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Other Reporting Required by Government Auditins Standards

In accordance with Government Auditing Standards, we have also issued our report dated December 22, 2014, on our consideration of KIPP's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should he considered in assessing the results of our audit.

New Orleans, Louisiana December 22, 2014

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KIFP NEW ORLEANS. INC. STATEMENTS OF FINANCIAL POSITION

JUNE 30. 2014 AND 2013

ASSETS 2014 2013

NET ASSETS Unrestricted Temporarily restricted

Total net assets

Total liabilities and net assets

The accompanying notes are an integral part of these financial statements.

CURRENT ASSETS Cash and cash equivalents $ 7,525,032 $ 2,601,324 Grants receivable 4,183,030 2,737,677 Other receivables 226,741 660,704 Prepaid expenses 433,356 103,737

Total current assets 12,368,159 6,103,442

OTHER ASSETS Deposits 32,665 1,500

PROPERTY AND EQUIPMENT. NET 736,733 973,111

Total assets $ 13,137,557 $ 7,078,053

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES Accounts payable and accrued expenses $ 3,513,163 $ 3,195,400 Accrued interest 73,572 55,972 Line of credit - 1,000,000

Total current liabilities 3,586,735 4,251,372

NON-CURRENT LIABILITIES Long-term debt 500,000 500,000

Total liabilities 4,086,735 4,751,372

8,590,592 1,967,149 460,230 359,532

9,050,822 2,326,681

$ 13,137,557 $ 7,078,053

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KIPP NEW ORLEANS. INC. STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS

YEARS ENDED JUNE 30, 2014 AND 2013

Year ended June 30,2014 Year ended June 30,2013

PUBLIC SUPPORT AND OTHER REVENUES Local per pupil aid Federal sources State public school funds Donations and contributions Other state fimds Other income

Net assets released from restrictions Total public support and other revenues

EXPENSES Program services:

Regular education programs School administration Operation and maintenance of plant services Special education programs Food services Student transportation

Instructional staff services Pupil support services Other special programs Other instructional programs Enterprise operations Community service operations

Management and general: Business services Central services General administration Other support services

Fundraising

Total expenses

Change in net assets

NET ASSETS. END OF YEAR

Temporarily Temporarily Unrestricted Restricted Total Unrestricted Restricted Total

$ 21.662,401 $ $ 21,662,401 $ 13,630,759 $ $ 13,630,759 16,416,961 - 16,416,961 12,452,886 - 12,452,886 15,853,889 - 15,853,889 12,958,868 - 12,958,868 1,425,000 1,217,485 2,642,485 1,921,094 744,613 2,665,707

160,722 - 160,722 - - -1,003,272 - 1,003,272 678,865 - 678,865 1,116,787 (1,116,787) - 603,269 (603,269) -

57,639,032 100,698 57,739,730 42,245,741 141,344 42,387,085

14,562,183 14,562,183 11,802,994 11,802,994 4,107,588 - 4,107,588 4,097,732 - 4,097,732 3,729,003 - 3,729,003 3,379,296 - 3,379,296 2,884,159 - 2,884,159 2,425,967 - 2,425,967

10,540,516 - 10,540,516 6,723,273 - 6,723,273 4,023,095 - 4,023,095 3,042,415 - 3,042,415 1,378,893 - 1,378,893 1,395,174 - 1,395,174 2,858,855 - 2,858,855 2,369,224 - 2,369,224

35,114 - 35,114 1,637,243 - 1,637,243 1,558,970 - 1,558,970 1,721,597 - 1,721,597

238,484 - 238,484 63,931 - 63,931 220,345 - 220,345 954 - 954

46,137,205 - 46,137,205 38,659,800 - 38,659,800

2,144,926 2,144,926 1,425,934 1,425,934 1,521,992 - 1,521,992 1,250,188 - 1,250,188 1,120,650 - 1,120,650 898,594 - 898,594

63,585 - 63,585 14,964 - 14,964 4,851,153 - 4,851,153 3,589,680 - 3,589,680

27,231 27,231 104,787 104,787

51,015,589 51,015,589 42,354,267 42,354,267

6,623,443 100,698 6,724,141 (108,526) 141,344 32,818

1,967,149 359,532 2,326,681 2,075,675 218,188 2,293,863

$ 8,590,592 $ 460,230 $ 9,050,822 $ 1,967,149 $ 359,532 $ 2,326,681

The accompanying notes are an integral part of these fmancial statements.

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KIPP NEW ORLEANS, INC. STATEMENTS OF CASH FLOWS

YEARS ENDED JUNE 30.2014 AND 2013

2014 2013 CASH FLOWS FROM OPERATING ACTIVITIES:

Change in net assets Adjustments to reconcile change in net assets

to net cash provided by operating activities:

6,724,141 $ 32,818

Depreciation expense Loss on disposal of property and equipment (Increase) decrease in operating assets:

Accounts/grants receivable Prepaid expenses Deposits

Increase in operating liabilities Accounts payable and accrued expenses Accrued interest

414,245 34,573

(1,011,390) (329,619)

(31,165)

317,763 17,600

553,058

(666,245) 259,304

1,064,048 16,250

Net cash provided by operating activities 6,136,148 1,259,233

CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (212,440) (114,179)

Net cash used in investing activities (212,440) (114,179)

CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from (payments on) line of credit (1,000,000) 1,000,000

Net cash provided by (used in) financing activities (1,000,000) 1,000,000

Net increase in cash 4,923,708 2,145,054

Cash and cash equivalents, hegirming of year 2,601,324 456,270

Cash and cash equivalents, end of year $ 7,525,032 $ 2,601,324

SUPPLEMENTAL DISCLOSURE FOR CASH FLOW INFORMATION

Cash paid during the year for interest $ 25,913 $ 62,517

The accompanying notes are an integral part of these financial statements.

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KIPP NEW ORLEANS, INC.

NOTES TO FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies

Organization

KIPP New Orleans, Inc. ("KIPP") was incorporated in the Spring of 2005 for the purpose of operating charter schools in New Orleans, Louisiana. KIPP was created to provide students with knowledge, skills, and character traits necessary to succeed in competitive high schools, college, and life. The Board of Elementary and Secondary Education (BESE) approved the granting of six (6) Type 5 charters to operate KIPP Believe (includes Primary and College Prep and was previously KDPP Phillips Preparatory), KIPP Central City Primary, KIPP Central City Academy, KIPP New Orleans Leadership (Primary and Academy), and KIPP Renaissance High School. In addition, the KIPP New Orleans School Support Center ("SSC") provides support to each of the schools in the areas of development, operations, finance, academics, recruitment, and planning. All KIPP schools and the SSC are governed by the KIPP Board of Directors.

Basis of Accounting

The financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally aceepted in the United States of America.

Financial Statement Presentation

The financial statement presentation follows the reeommendations of the Financial Accounting Standards Board under HS'C No. 958 Not-for-Profit Entities.

KJPP is required to report information regarding its financial position and activities according to three classes of net assets; unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. Accordingly, the net assets of KIPP and changes therein are classified and reported as follows:

• Unrestricted net assets - Net assets that are not subject to donor-imposed stipulations. • Temporarily restricted net assets - Net assets subject to donor-imposed stipulations that will

be met either by actions of KIPP and/or the passage of time. • Permanently restricted net assets - Net assets subject to donor-imposed stipulations that

neither expire by the passage of time nor can be fulfilled and removed by actions of KDPP pursuant to those stipulations. At June 30, 2014 and 2013, KIPP had no permanently restricted net assets.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

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1. Summarv of Significant Accounting Policies (continued)

Cash and cash equivalents

For purposes of the statements of cash flows, cash and cash equivalents include amounts on deposit at local financial institutions and unrestricted, highly liquid investments with an initial maturity of less than three months.

Grants Receivable

Grants receivable are stated at the amount management expects to collect from outstanding balances. Management provides for uncollectible amounts through a provision for bad debt expense and an adjustment to a valuation allowance based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At June 30, 2014 and 2013, no allowance is recorded as management considers the receivables to be fully collectible.

Other receivables

Other receivables represent billings which are based primarily on school food services provided to other schools. Other receivables are stated at the amount management expects to collect from outstanding balances. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to other receivables. At June 30, 2014 and 2013, no allowance is recorded as management considers the receivables to be fully collectible.

Property and Equipment

The land, building and building improvements used to operate KIPP are owned by the Recovery School District (RSD) and, as such, are recorded on the financial statements of the RSD. The RSD also provided KIPP with furniture and equipment that is also recorded on the RSD's financial statements and not reported by KIPP. KIPP only reports its direct purchases of leasehold improvements, furniture and equipment. KIPP has adopted the practice of capitalizing all expenditures for depreciable assets where the unit costs exceed $1,000. Property is recorded at cost or at fair value for donated assets. Depreciation of these assets is provided on the straight-line basis over their estimated useful lives of 3 years for furniture and equipment, 5 years for leasehold improvements, and 3 years for software.

Contributions and Revenue Recognition

KIPP reports contributions of cash or other assets as restricted support if they are received with donor imposed restrictions or requirements that limit the use of the donation. A donor restriction ends when a time restriction is met or a purpose restriction is accomplished. As restrictions are met, assets are reclassified to unrestricted net assets and reported as net assets released from restrictions in the statement of activities.

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KIPP NEW ORLEANS. INC.


1. Summary of Significant Accounting Policies (continued)

Revenues from federal and state grants are recorded when KIPP has a right to reimbursement under the related grant, generally corresponding to the incurring of grant related costs by KIPP, or when otherwise earned under the terms of the grants.

Contributed Services

Contributions of donated noncash assets are recorded at their fair values in the period received. Contributions of donated services that create or enhance nonfinancial assets or that require specialized skills provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation, are recorded at their fair values in the period received.

In addition, KBPP receives services donated by parents and community members in carrying out KIPP's mission. The value of these services is not recognized in the accompanying financial statements due to their unspecialized nature.

Functional Expenses

The costs of providing the various programs and activities have been summarized on a functional basis in the statements of activities. Accordingly, certain costs have been allocated among the services benefited.

Compensated Absences

All instructional staff members are granted ten paid time off (PTO) days at the beginning of each year. Unused days do not carry forward at the end of the year and may not be redeemed for additional compensation at the end of the year. School Support Center and non-instructional staff earn a total of 13 PTO days per year. Unused days do not carry forward at the end of the fiscal year and may not be redeemed for additional compensation at the end of the year or end of employment with KBPP.

Tax Exempt Status

KIPP is a nonprofit organization exempt from the income taxes under provisions of the Internal Revenue Service Code Sections 501(c) (3) and the Louisiana Revised Statutes; therefore, no provision has been made for federal and state income taxes. KIPP applies a "more-likely-than-not" recognition threshold for all tax uncertainties. This approach only allows the recognition of those tax benefits that have a greater than 50% percent likelihood of being sustained upon examination by the taxing authorities. As a result of implementing this approach, KIPP has reviewed its tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore the implementation of this standard has not had a material effect on KBPP. KBPP's tax returns for the years ended June 30, 2013, 2012, and 2011 remain open and is subject to examination by taxing authorities. KIPP's 2014 tax return has not been filed as of the report date and is on a valid extension.

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1. Summary of Significant Accounting Policies (continued)

Reclassification

Certain accounts in the 2013 financial statements have been reclassified to conform to the current year presentation.

2. Grants Receivable

Grants receivable as of June 30 are as follows:

Due from federal government Due from State of Louisiana Due from foundations

2014 2013

$ 3,993,103 $ 2,673,333 175,907 16,000 14,020 48,344

$ 4,183,030 $ 2,737,677

3. Property and Equipment

A summary of properly and equipment at June 30 is as follows:

2014

Furniture, fixtures, and equipment Leasehold improvements Software

Less accumulated depreciation

2013

$ 1,595,203 $ 1,687,624 826,986 884,178 83,277 -

2,505,466 2,571,802 (1,768,733) (1,598,691)

$ 736,733 $ 973,111

4. Line of Credit

KIPP holds a line of credit with a borrowing base equal to the lesser of $1,500,000 or 80% of the aggregate amount of eligible accounts receivable. The interest rate on the line of credit is the Prime rate plus .75% (3.5% at June 30, 2014). The line of credit was renewed on January 30, 2014 and is subject to review on an annual basis. The outstanding balance was $1,000,000 as of June 30, 2013. The line of credit balance was paid in full during the year ended June 30, 2014. There was no outstanding balance due on the line of credit as of June 30, 2014.

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5. Long-Term Debt

On January 22, 2010, KIPP entered into a loan agreement with Charter Fund, Ine. (the "Fund"), a nonprofit eorporation doing business as the Charter Sehool Growth Fund, in the amount of $500,000. Interest on the loan started from the date of funding, whieh was April 12, 2010. Interest aecrues at a rate of 3.25% per annum (based on a 360 day year) and is due in full on November 1, 2017. Principal repayments are due in the amount of $200,000 on November 1, 2016 and $300,000 on November 1, 2017.

Aceording to the terms of the loan agreement, $300,000 of the principal due and any accrued but unpaid interest on such principal, may be forgiven and treated as a grant award if KIPP achieves certain milestones for fiscal 2014, as determined by the Fund in its sole and absolute discretion. Any amounts not forgiven shall remain payable (both principal and interest) until maturity. In December 2014, the $300,000 of principal and related accrued interest on such principal was forgiven.

Interest expense for the years ended June 30, 2014 and 2013 was $23,913 and $62,517.

6. Temporarily Restricted Net Assets

A summary of the composition of temporarily restricted net assets at June 30 is as follows:

2014 2013

KIPP to College Program Student Scholarships Learning programs Elementary School Growth Fund Start-up grant Technology Other

$ 113,204 63,678 34,239 150,000 75,758 19,091 4,260

$

$ 460,230

69,993 63,678

224,861

1,000 $ 359,532

Net assets were released from donor restrictions by incurring expenses satisfying the restricted purposes specified by donors during the year in the amounts of $1,116,787 and $603,269 for the years ended June 30, 2014 and 2013, respectively.

7. Credit Risk Concentration

KIPP maintains cash in bank accounts in excess of insured limits periodically. KIPP has not experienced any losses and does not believe that significant credit risk exists as a result of this practice.

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8. Retirement Plan

KIPP has a 403(b) deferred compensation plan covering substantially all employees. Covered employees may elect to contribute a portion of their salaries as allowable. KIPP has elected to match 5% of covered employees' salaries. KIPP's contributions were $765,988 and $537,837 for the years ended June 30, 2014 and 2013, respectively.

9. School Properties

KIPP entered into lease agreements with the Recovery School District ("RSD") to allow KJPP to use several facilities and their contents, typically for an initial lease term of two years. The lease agreements may be extended for an additional two years in the event the Louisiana Board of Elementary and Secondary Education extends the respective Charter contract for an additional two years. The RSD has forgone the payment of rent for the 2013 and 2014 years for each of the lease agreements.

Use of the property, including fixtures, furniture and equipment provided by the RSD is not recorded as an in-kind contribution. KIPP is responsible for all necessary maintenance to ensure that the facilities comply with all state and local health and safety standards and other applicable laws, regulations and rules.

10. Contingencies

Grant Programs

KIPP participates in a number of state and federal grant programs, which are governed by various rules and regulations. Costs charged to the respective grant programs are subject to audit and adjustment by the grantor agencies; therefore, to the extent that IOTP has not complied with the rules and regulations governing the grants, refunds of any money received and the collectability of any related receivable as of June 30, 2014 might be impaired. In management's opinion, there are no significant contingent liabilities relating to compliance with the rules and regulations governing state and federal grants; therefore, no provision has been recorded in the accompanying financial statements for such contingencies. Audits of prior years have not resulted in any significant disallowed costs or refunds. Any costs that would be disallowed would be recognized in the period agreed upon by the grantor agency and KDPP.

11. Economic Dependency

KIPP receives the majority of its revenue from the State of Louisiana Minimum Foundation Program (MFP). MFP funding for the years ended June 30, 2014 and 2013 totaled $37,516,290 and $26,589,626, respectively. Funding and from various federal grants passed through the State of Louisiana. The grant amounts are appropriated each year by the federal and state governments. If significant budget cuts are made at the federal and/ or state level, the amount of funds KIPP receives could be reduced significantly and have an adverse impact on its operations. Management is not aware of any actions that will significantly affect the amount of funds KIPP will receive in fiscal year 2015 relating to its grant awards.

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12. School Food Authority

KIPP operated as a School Food Authority for participating schools for the years ended June 30, 2014 and 2013. Total federal reimbursement claims submitted for participating schools during the years ended June 30, 2014 and 2013 totaled $7,713,077 and $4,257,952, respectively. These amounts are included in federal sources revenue and food services expenses on the statements of activities.

13. Subsequent Events

Management has evaluated subsequent events through the date that the financial statements were available to be issued, December 22, 2014, and determined that the following items require disclosure.

In December 2014, principal in the amount of $300,000 and related accrued interest on such principle for the Charter Fund note payable was forgiven as described in Note 5.

KIPP East Community Primary opened for the 2014-2015 school year. The school has an enrollment of 100 students.

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KIPP NEW ORLEANS. INC. STATEMENTS OF FINANCIAL POSITION BY SCHOOL

.niNE 30. 2014 (with comparative totals for 2Q13I

2014 2013

McDonogh 15 School for the Creative Arts

Believe College Preparatory

School / Primary Central City

Academy Central City

Primary Renaissance High School

New Orleans Leadership Primary / Academy

East Community

Primary School Support

Center Total Total ASSETS

CURRENT ASSETS Cash and cash equivalents Grants receivable Other receivables Prepaid expenses Due from (to) KIPP New Orleans / Schools

$ 632.720 798,450

1,088 105,613 102,314

$ 2,812,891 503,585

5,814 43,320

(2,439,881)

$ 997,496 306,822

6,157 55,366

(126,497)

$ 2,837,465 366,764

4,725 6,526

(782,287)

$ (1,151,936) 367,058

5,845 18,952

1,211,035

$ 1,852,420 506,274

89,812 (446,604)

$ 193,907 29,140

18 33,563

$ (649,931) 1,304,937

203,094 80,204

2,481,920

$ 7,525,032 4,183,030

226,741 433,356

$ 2,601,324 2,867,258

531,123 103,737

Total current assets 1,640,185 925,729 1,239,344 2,433,193 450,954 2,001,902 256,628 3,420,224 12,368,159 6,103,442

OTHER ASSETS Deposits 32,665 - - - - - - - 32,665 1,500

PROPERTY AND EOUIPMENT. NET 213,642 152,511 38,975 68,274 73,954 67,901 6,184 115,292 736,733 973,111

Total assets $ 1,886,492 $ 1,078,240 $ 1,278,319 $ 2,501,467 $ 524,908 $ 2,069,803 S 262,812 $ 3,535,516 $ 13,137,557 $ 7,078,053

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES Accounts payable and accrued expenses Accrued interest Line of credit

$ 628,817 $ 388,275 $ 246,388 $ 237,215 $ 327,704 $ 336,216 $ 62,359 $ 1,286,189 73,572

$ 3,513,163 73,572

$ 3,195,400 55,972

1,000,000

Total current liabilities 628,817 388,275 246,388 237,215 327,704 336,216 62,359 1,359,761 3,586,735 4,251,372

NON-CURRENT LIABILITIES Long-term debt 500,000 500,000 500,000

Total liabilities 628,817 388,275 246,388 237,215 327,704 336,216 62,359 1,859,761 4,086,735 4,751,372

NET ASSETS Unrestricted Temporarily restricted

1,254,415 3,260

670,874 19,091

1,022,701 9,230

2,264,252 194,204 3,000

1,733,587 (25,305) 225,758

1,475,864 199,891

8,590,592 460,230

1,967,149 359,532

Total net assets 1,257,675 689,965 1,031,931 2,264,252 197,204 1,733,587 200,453 1,675,755 9,050,822 2,326,681

Total habilities and net assets $ 1,886,492 $ 1,078,240 $ 1,278,319 $ 2,501,467 $ 524,908 $ 2,069,803 $ 262,812 $ 3,535,516 $ 13,137,557 $ 7,078,053

See accompanying independent auditors' report.

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KIPP NEW ORLEANS. TNC. STATEMENTS OF ACTiyiTIES BY SCHOOL

YEAR ENDED JUNE 30,2014 (with comparative totals for 20131

McDonogh 15 School for the Creative Arts

Believe College Preparatory

School/Primarv Central City

Academv Central City

Primarv Renaissance High School

New Orleans Leadership Primary / Academy

East Community

Primarv School Support

Center Interfund

Eliminations Total Total UNRESTRICTED NET ASSETS

PUBLIC SUPPORT AND OTHER REVENUES Local per pupil aid Federal sources State public school funds Donations and contributions Other state funds Other income Transfers in Net assets released from restrictions

$ 5,023,010 2.168,486 3,886,483

32,776 38,470 90,480

238,692 298,490

$ 4,176,169 1,462,367 2,775,794

26,279 30,356 58,732 82.199

45,998

$ 2,513,543 823,795

1,819,377 15,709 21,070 66,125 38,402 72,068

$ 3,042,484 975,654

2,075,546 (4,649) 27,185

104,954 63,426

157,587

$ 2,490,848 1,121,149 1,942,081

996 17,027 57,044

187,501

$ 4,416,347 1,304,255 3,354,608

20,622 26,614 39,776 61,477

113,100

$ 29,140

$ 8,532,115

1,333,267

586,161 3,239,560

429,544

$ - $

(3,911,257)

21,662,401 16,416,961 15,853,889

1,425,000 160,722

1,003,272

1,116,787

$ 13,630,759 12,452,886 12,958,868

1,921,094

678,865

603,269 Total public support and other revenues 11,776,887 8,657,894 5,370,089 6,442,187 5,816,646 9,336,799 29,140 14,120,647 (3,911,257) 57,639,032 42,245,741

EXPENSES Program services:

Instructional Non-instructional

Supporting services; Management and general Fundraising

4,362,504 4,644,286

405,933

3,477,485 3,428,678

626,469

2,166,286 1,916,218

138,744

2,490,814 2,087,949

170,985

2,582,486 2,570,614

193,013

3,718,833 3,092,258

308,964

16,003 23,923

14,519

226,015 9,332,853

2,992,526 27,231

- 19,040,426 27,096,779

4,851,153 27,231

17,587,801 21,007,114

3,654,565 104,787

Total expenses 9,412,723 7,532,632 4,221,248 4,749,748 5,346,113 7,120,055 54,445 12,578,625 51,015,589 42,354,267

Other unrestricted income (expense) Transfers out (1,151,495) (695,398) (403,142) (482,118) (460,189) (715,201) (3,714) 3,911,257

Increase (decrease) in unrestricted net assets 1,212,669 429,864 745,699 1,210,321 10,344 1,501,543 (25.305) 1,538,308 6,623.443 (108,526)

TEMPPRARILY RESTRICTED NET ASSETS Donations and contributions Net assets released from restrictions

262,523 (298,490)

65,089 (45,998)

40,000 (72,068)

57,821 (157,587)

113,100 (113,100)

225,758 453,194 (429,544)

1,217,485 (1,116,787)

744,613 (603,269)

Increase (decrease) in temporarily restricted net asse ̂s (35,967) 19,091 (32,068) (99.766) - . 225,758 23,650 . 100,698 141,344

NET ASSETS. BEGINNING OF YEAR 80,973 241,010 318,300 1,153,697 186,860 232,044 113,797 2.326,681 2,293,863

NET ASSETS, END OF YEAR $ 1,257,675 $ 689,965 $ 1,031,931 S 2,264,252 $ 197,204 $ 1,733,587 $ 200,453 $ 1,675,755 $ - $ 9,050,822 $ 2,326,681

See accompanying independent auditors' report.


SINGLE AUDIT REPORTS

JUNE 30,2014

Post let hwaite & Netterville


www.pncpa.com

KIPP NEW ORLEANS. INC. NEW ORLEANS, LOUISIANA

SINGLE AUDIT REPORTS

JUNE 30,2014


TABLE OF CONTENTS

JUNE 30, 2014

Page

Independent Auditors' 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 A uditing Standards 1

Independent Auditors' Report on Compliance for Each Major Program and on Intemal Control over Compliance Required by OMB Circular A-133 and the Schedule of Expenditures of Federal Awards 3

Schedule of Expenditures of Federal Awards 6

Notes to Schedule of Expenditures of Federal Awards 7

Schedule of Findings and Questioned Costs 8

Summary Schedule of Prior Audit Findings and Questioned Costs 14

|ij8Rll Postlethwaite & Netterville

A Professional Accounling Corporation Associated Offices in Principal Cities of the United States

www.pncpa.com

INDEPENDENT AUDITORS' 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

To the Board of Directors, KJPP New Orleans, Inc.

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of KIPP New Orleans, Inc. (KIPP) (a nonprofit organization), which comprise the statement of financial position as of June 30, 2014, and the related statements of activities, and cash flows for the year then ended, and the related notes to the financial statements, and have issued our report thereon dated December 22, 2014.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered KTPP's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of KIPP's intemal control. Accordingly, we do not express an opinion on the effectiveness of KIPP's intemal control.

Our consideration of intemal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in intemal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. However, as described in the accompanying schedule of findings and questioned costs, we identified certain deficiencies in intemal control that we consider to be material weaknesses and significant deficiencies.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performiag their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in intemal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. We consider the deficiency described in the accompanying schedule of findings and questioned costs as item 2014-001 to be a material weakness.

A significant deficiency is a deficiency, or a combination of deficiencies, in intemal control that is less severe than a material weakness, yet important enough to merit attention by those charged with govemance. We consider the deficiency described in the accompanying schedule of findings and questioned costs as item 2014-002 to be a significant deficiency.

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30th Floor - Energy Centre • 1100 Poydras Street • New Orleans, LA 70163-3000 • Tel: 800.201.7332 One Gallerla Blvd., Suite 2100 • Metairie, A 70001 • Tel: 504.837.5990 • Fax: 504.834.3609

Compliance and Other Matters

As part of obtaining reasonable assurance about whether KIPP's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed an instance of noncompliance or other matters that is required to be reported under Government Auditing Standards and which is described in the accompanying schedule of findings and questioned costs as item 2014-002.

KIPP's Response to Findings

KIPP's response to the findings identified in our audit is described in the accompanying schedule of findings and questioned costs. KIPP's response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the organization's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the organization's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.


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llJSAI Postlethwaite EXUAI & Netterville

A Professional Accounting Corporation Associated Offices in Principal Cities of the United Slates

www.pncpa.com

INDEPENDENT AUDITORS' REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER

COMPLIANCE REOUIRED BY OMB CIRCULAR A-133 AND THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

To the Board of Trustees, KIPP New Orleans, Inc.

Report on Compliance for Each Major Federal Program

We have audited KIPP New Orleans, Inc.'s (KIPP) compliance with the tj^es of compliance requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and material effect on each of KIPP's major federal programs for the year ended June 30, 2014. KIPP's major federal programs are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs.

Management's Responsibility

Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal programs.

Auditor's Responsibility

Our responsibility is to express an opinion on compliance for each of IGPP's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, andNon-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about KIPP's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of KIPP's compliance.

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30th Floor - Energy Centre • 1100 Poydras Street • New Orleans, LA 70163-3000 • Tel; 800.201.7332 One Galleria Blvd., Suite 2100 • Metairie, LA 70001 • Tel: 504.837.5990 • Fax: 504.834.3609

Opinion on Each Major Federal Program

In our opinion, KJPP complied, in all material respects, with the types of compliance requirements referred to above that could have a dhect and material effect on each of its major federal programs for the year ended June 30, 2014.

Other Matters

The results of our auditing procedures disclosed instances of noncompliance, which are required to be reported in accordance with 0MB Circular A-133 and which are described in the accompanying schedule of findings and questioned costs as items 2014-004 and 2014-005. Our opinion on each major federal program is not modified with respect to these matters.

KCPP's response to the noncompliance findings identified in our audit is described in the accompanying schedule of findings and questioned costs. KIPP's response was not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response.

Report on Internal Control Over Compliance

Management of KIPP is responsible for establishing and maintaining effective intemal control over complianee with the types of complianee requirements referred to above. In planning and performing our audit of compliance, we considered KIPP's intemal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on eompliance for each major federal program and to test and report on intemal control over compliance in accordance with OMB Circular A-133, but not for the pimpose of expressing an opinion on the effectiveness of intemal eontrol over compliance. Accordingly, we do not express an opinion on the effectiveness of KIPP's intemal control over compliance.

Our consideration of intemal control over compliance was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in intemal control over compliance that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. However, as discussed below, we identified certain deficiencies in intemal control over compliance that we consider to be material weaknesses and significant deficiencies.

A deficiency in internal control over compliance exists when the design or operation of a control over complianee does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or deteet and correct, noncompliance with a type of complianee requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in intemal control over eompliance, such that there is a reasonable possibility that material noncompliance with a type of complianee requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. We consider the deficiency in intemal control over compliance described in the accompanying schedule of findings and questioned costs as item 2014-003 to be a material weakness.

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P&N

A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. We consider the deficiency in internal control over compliance described in the accompanying schedule of findings and questioned costs as item 2014-005 to be a significant deficiency.

KIPP's response to the internal control over compliance findings identified in our audit is described in the accompanying schedule of findings and questioned costs. KIPP's response was not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of 0MB Circular A-133. Accordingly, this report is not suitable for any other purpose.

Report on Schedule of Expenditures of Federal Awards Required by OMB Circular A-133

We have audited the financial statements of KIPP as of and for the year ended Jrme 30, 2014, and have issued our report thereon dated December 22, 2014, which contained an uiunodified opinion on those financial statements. Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by OMDB Circular A-133 and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedmres, including comparing and reconcilmg such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted ia the United States of America. In our opinion, the schedule of expenditures of federal awards is fairly stated m all material respects m relation to the financial statements as a whole.


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NEW ORLEANS, LOUISIANA

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS FOR THE YEAR ENDED JUNE 30, 2014

Federal Grantor/ Pass Through Grantor/ Program Title

U.S. Department of Agriculture Passed through Louisiana Department of Education:

School Breakfast Program National School Lunch Program Summer Food Service Program for Children

Total Child Nutrition Cluster

Child and Adult Care Food Program

Total U.S. Department of Agriculture

U.S. Department of Education Passed through foundations:

Public Charter School Grant Investment in Innovation

Total Passed through foundations

Passed through the Louisiana Department of Education Special Education - Grants to States Special Education - Preschool Grants

Total Special Education Cluster

School Improvement Grants School Improvement Grants - ARRA

Total School Improvement Grants Cluster

Title I Grants to Local Education Agencies Title II, Part A, Teacher and Principal Traning and Recruiting Race to the Top Teacher Incentive Fund Striving Readers Comprehensive Literacy Program Hurricane Educators Assistance Program

Total U.S. Department of Education

CFDA Number

10.553 10.555 10.559

10.558

84.282A 84.411

84.027A 84.173A

84.3 77A 84.388A

84.01 OA 84.367A 84.412A 84.374A 84.371A 94.93 8A

Federal Expenditures

2,495,539 5,135,014

258,748 7,889,301

2,896,979

10,786,280

170,796 605,341 776,137

1,021,541 23,218

1,044,759

257,041 82,617

339,658

2,284,411 189,683

802 404,125 524,796 22,972

4,811,206

Total Federal Assistance Expended

See accompanying notes to Schedule of Expenditures of Federal Awards.

$ 16,373,623


NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS FOR THE YEAR ENDED JUNE 30, 2014

(1) General

The accompanying Schedule of Expenditures of Federal Awards presents the activity of the federal awards of KIPP New Orleans, Inc. (KIPP). KIPP's reporting entity is defined in Note 1 to the financial statements for the year ended June 30, 2014. All federal awards received from federal agencies are included on the schedule.

(2) Basis of Accounting

The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note I to KIPP's financial statements for the year ended June 30, 2014.

(3) Relationship to Basic Financial Statements

Federal awards are included in the statement of activities and changes in net assets as federal government revenue.

(4) Snbrecipients

KTPP operated as a School Food Authority for the year ended June 30, 2014. Total claims submitted to participating schools during the year ended June 30, 2014 under the Child Nutrition Cluster and Child and Adult Care Food Program was $5,438,377 and $2,274,700, respectively.


SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED JUNE 30, 2014

Section I - Summary of Auditor's Results

Financial Statements

Type of auditor's report issued:

Intemal control over financial reporting:

• Material weakness(es) identified: • Significant deficiency(ies) identified:

Noncompliance material to the financial statements noted:

Federal Awards

Intemal control over major programs:

• Material weakness(es) identified: • Significant deficiency(ies) identified:

Type of auditor's report issued on compliance for major programs:

Any audit findings disclosed that are required to be reported in accordance with Section 510(a) of OMB Circular A-133

Identification of major programs:

U.S. Department of Agriculture: Child Nutrition Cluster

School Breakfast Program National School Lunch Program Summer Food Service Program for Children

U.S. Department of Education: School Improvement Grants Cluster

School hnprovement Grants School Improvement Grants, Recovery Act

U.S. Department of Education: Striving Readers Comprehensive Literacy Program

Dollar threshold used to distinguish between type A and type B programs

Auditee qualified as a low risk auditee:

unmodified

yes yes

no

yes yes

unmodified

yes

10.553 10.555 10.559

84.377A 84.388A

84.371

$491.209 yes

KIPP NEW ORT.FANS, INC. NEW ORLEANS. LOUISIANA


Section H - Findings relating to the financial statements reported in accordance with Government Auditins Standards

2014-001 Internal Controls over Payroll

Criteria: Internal controls should be designed and implemented to provide adequate review procedures and documentation of the procedures performed.

Condition: As part of our procedures performed, we observed the following regarding payroll processing:

• Personnel files for our sample of employees tested did not have documentation including offer letters, proof of employment, or approved rate of pay.

• Hiring documentation is not always submitted in a timely maimer to the Human Resources department or the payroll processing employees.

• Timesheets for some school locations are maintained manually and not within the online/electronic payroll system.

• Limited controls are in place ensuring that an employee submits the proper documentation to request and receive PTO time.

• KIPP has had turnover during the year in key payroll related positions including the HR Director.

Cause: Proper procedures and controls over payroll processing were not performed and not documented during the year

Effect: Internal controls over the processing of payroll were not adequately designed or implemented during the period ended June 30, 2014. Proper documentation was not maintained in employee personnel files.

Recommendation: KIPP should maintain appropriate documentation (including offer letters and approved rate of pay) in personnel files for all employees. As new employees are hired and approved at the school locations, the Human Resources department should be notified in a timely maimer. KIPP should also consider requiring all locations to use the time sheet process within the online/electronie payroll system. We recommend that management implement a process to track PTO time and ensure it is used when employees are not at work.

View of Responsible Official and Planned Corrective Action: KIPP is in the process of interviewing for a Human Resources Director. Once this position is filled, an additional human resources staff member will be hired to increase capacity in this area and ensure compliance with laws and regulations.



Section H - Findings relating to the financial statements reported in accordance with Government Auditins Standards (continued)

2014-002 School Aetivitv Funds

Criteria: Louisiana Revised Statute (R.S.) 17:414.3 requires the principal of every public elementary and secondary school to maintain a school fund for the management of any money which accrues to benefit his or her school. Requirements of the statue include the following:

• The monies in the school fund shall be deposited in a single bank account on which checks may be drawn.

• Separate records or ledgers shall be maintained by the principal, or his designee from among the school staff, for each source of funds as listed in the statute.

• No money shall be drawn on the school fund account without a request, and therefore no withdrawal shall occur unless the cheek carries the signature of the principal, or the administrator who assumes his duties during his absence. No monies shall be drawn on the school fund account unless the request for withdrawal of funds carries two signatures, one of which shall always be the principal's.

• The records of the school fund shall be reconciled monthly with the school fund account statement of the bank regarding activity in the school fund account. Bank statements shall be signed by the principal, once reconciled with the records, and retained with the school fund record. The school fund records shall be reviewed atmually by the principal and one other member of his administrative staff. Such review shall be reflected in the record by the signature of both reviewers.

Condition: KIPP does not have formal policies and procedures in place to ensure that school activity funds are monitored by the principals and that expenditures of school activity funds are approved in accordance with the state statute. In addition, monies received by the schools are not deposited into the school activity fund bank accounts and separate ledgers are not maintained to track the receipt and expenditures of school activity monies.

Cause: Internal controls over school activity funds were not adequately designed or implemented to ensure compliance with Louisiana R.S. 17:414.3.

Effect: fCIPP was not in compliance with Louisiana R.S. 17:414.3.

Recommendation: KIPP should establish policies and procedures to ensure that funds received by schools are deposited into the school activity bank accounts, expenditures of funds are properly approved, and activity is tracked and reconciled in accordance with Louisiana R.S. 17:414.3.

10



Section H - Findings relating to the financial statements reported in accordance with Government Auditins Standards (continned)

2014-002 School Activity Funds (continned)

View of Responsible Official and Planned Corrective Action: KIPP is in the process of preparing a School Activity Funds Manual. Once this manual is completed, it will he presented to all school leaders and business operations managers. The requirements of the Louisiana Revised Statute (R.S.) 17:414.3 will he implemented by the end of the 2015 fiscal year.

Section HI - Findings and Questioned Costs Related to Federal Awards

2014-003 Allowable Costs and Activities - Internal Controls over Payroll

CFDA #10.553,10.555, and 10.559 Child Nutrition Cluster CFDA #84.371 Striving Readers Comprehensive Literacy Program CFDA #84.377A and 84.388A School Improvement Grants Cluster

See detailed finding for internal controls over payroll and management's response at 2014-001.

2014-004 Reporting - Reimbursement Requests

CFDA #84.371 Striving Readers Comprehensive Literacy Program

Criteria: Reimbursement requests for the Striving Readers Comprehensive Literacy Program are required to be submitted monthly in accordance with the grant.

Condition: One reimbursement request was filed for all grant expenditures through the end of the fiscal year.

Cause: Intemal controls were not in place to ensure that the reimbursement requests were filed timely.

Effect. KIPP was not in compliance with the reporting requirement to submit reimbursement requests on a monthly hasis.

Recommendation: KIPP should establish policies and procedures to ensure that reimbursement requests for the Striving Readers Comprehensive Literacy Program are submitted monthly.

11


SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED JUNE 30.2014

Section 111 - Findings and Questioned Costs Related to Federal Awards (continued)

2014-004 Reporting - Reimbursement Requests (continued)

View of Responsible Official and Planned Corrective Action: Reimbursement requests will be submitted monthly beginning Januaiy 2015.

2014-005 Snbrecipient Monitoring

CFDA #10.553,10.555, and 10.559 Child Nutrition Cluster

Criteria: OMB Circular A-133 and the A-110 Common Rule indicate that a pass-through entity is responsible for monitoring the activities of its sub-recipients as necessary to ensure that Federal awards are used for authorized purposes in compliance with laws, regulations, and the provisions of contracts or grant agreements and that performance goals are achieved.

The pass-through agency is also responsible for ensuring that sub-recipients expending $500,000 or more in Federal awards during the sub-recipient's fiscal year as required under OMB Circular A-133 have met the audit requirements. The pass-through agency is also responsible for ensuring the required audits are completed within 9 months of the end of the sub-recipient's audit period; issuing a management decision on audit findings within 6 months of receipt of the sub-recipient's audit report; and ensuring that the sub-recipient takes timely and appropriate corrective action on all audit findings.

Additionally, certain information must be made available to the sub-recipient in sub-award agreements as required by OMB Circular A-133, such as CFDA title and number, award name and number, name of Federal awarding agency and other requirements imposed by laws, regulations, and other provisions.

Condition: In considering KCPF's compliance with its monitoring requirements, we noted that management did appropriately review and approve all sub-recipient invoices submitted for reimbursement. We also noted that the required monitoring site visits were being performed.

KIPP failed to ensure that the required sub-recipient audits were completed and that the subrecipients took appropriate and timely corrective action on any potential audit findings.

Lastly, in considering KIPP's compliance with its monitoring requirements, it was also noted that review of sub-award agreements indicated that the CFDA title and number, which is required information, was not made available to the sub-recipient.

Cause: KIPP's staff was unaware of all of the monitoring requirements.

12


SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED JUNE 30,2014

Section HI — Findings and Questioned Costs Related to Federal Awards (coatinued)

2014-005 Snbrecipient Monitoring (continued)

Effect: The Organization is non-compliant with federal award terms regarding sub-recipient monitoring smce they did not have a procedure in place to ensure proper documentation of review of site visits and that audits based on 0MB Circular A-133 requirements were obtained and documented for the applicable subrecipients.

Recommendation: We recommend that KffP develop and adhere to written policies and procedures to ensure that they are in compliance with the monitoring requirements of the grant. This should include ensuring that audited financial statements of the sub-recipients are obtained as well as ensuring that all required communications are provided to the sub-recipients.

View of Responsible Official and Planned Corrective Action: Beginning fiscal year 2016, all snbrecipient contracts will include verbiage to require each snbrecipient to submit copies of audits based on 0MB Circular A-133. KJPP will also ensure that all required communications are provided to the subrecipients.

13

KIPP NEW ORLEANS, ESfC. NEW ORLEANS, LOUISIANA

SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED JUNE 30. 2014

Finding 2013-001

CFDA # 84.388 School Improvement Grants, Recovery Act U.S. Department of Education, passed-through State of Louisiana Department of Education

Recommendation: KIPP should provide specific training to new staff and other persomiel involved in the grant reimbursement process to help ensure that grant reimbursement requests are completed accurately and in accordance with OMB Circular A-122. In addition, the procedure to review the grant reimbursement request prior to submission should be revised to ensure that all supporting documentation, including payroll registers and time certifications, be provided to the reviewer with the request to allow the reviewer to trace and agree the amounts for accuracy and allowability under the federal program.

Current Status: Resolved

Finding 2013-002

Recommendation: The procedures and internal controls of the accounts payable and cash disbursement transaction cycle need to be reviewed to determine if there are any incompatible duties assigned to employees. Signed checks should be given to an employee outside of the accounts payable function for mailing.

Current Status: Resolved

14

P&N Postlethwaite & Netterviile

A Professional AccounHng Corporation

Associated Offices in Principal Cities of the United States

www.pncpa.com

To the Board of Directors, KDPP New Orleans, Inc.

In plaiming and performing our audit of the financial statements of KIPP New Orleans, Inc. (KIPP) (a nonprofit organization) as of and for the year ended June 30, 2014, in accordance with auditing standards generally accepted in the United States of America, we considered KIPP's internal control over financial reporting (internal control) as a basis for designing auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on the effectiveness of KIPP's internal control. Accordingly, we do not express an opinion on the effectiveness of KIPP's internal control.

However, during our audit we became aware of deficiencies in internal control other than significant deficiencies and material weaknesses and matters that are opportunities for strengthening internal controls and operating efficiency. This letter sununarizes our comments and suggestions regarding those matters. A separate letter dated December 22, 2014, contains our communication of significant deficiencies and material weaknesses in KIPP's mtemal control. This letter does not affect our report dated December 22, 2014, on the financial statements of KIPP.

Current Year Comments

2Q14-I Segregation of Duties

Observation:

Recommendation:

Management's Response:

The Director of Finance and Accounting had access to blank check stock, authorization to sign checks, makes deposits, sets up vendors in the accounts payable system, authorization for electronic fund transfers, access to process payroll, and access to enter journal entries in the general ledger system.

We recommend that duties be segregated so that:

• Individuals that sign checks and approve electronic fund transfers, also do not have access to blank check stock, printing checks on the blank check stock, adding vendors to the system, and creating journal entries.

• Individuals that receive and deposit payments do not have access to create journal entries in the general ledger system.

• One employee submits a request for electronic funds transfers and another employee approves the request.

The Director of Finance and Accounting immediately relinquished her key to the safe to the Accounting Manager. The Accounting Manager and Accounts Payable Manager are the only finance team members with access to the blank check stock. The Accounting Manager is now the only member that sets up vendors in the accounts payable system.

30th Floor - Energy Centre • 1100 Poydras Street • New Orleans, lA 70163-3000 • Tel: 800.201.7332 One Galleria Blvd., Suite 2100 • Metairie, LA 70001 • Tel: 504.837.5990 • Fax: 504.834.3609

We have added a general ledger accountant position. The general ledger accountant will reconcile the hank statements and will be reviewed by the Accounting Manager. The Chief Operating Officer will review and approve the check register and bank statements monthly. Documentation of approval will be maintained. The Chief Operating Officer will be copied on requests for electronic funds transfers submitted to the bank.

2014-2 Credit Card and Travel Reimbursements

Observation:

Recommendation:


In testing of 90 credit card expenses, we noted the following items; 8 items for which a lost receipt form was submitted to KIPP, 7 items for which a supporting invoice or receipt could not be provided and a lost receipt form was not filled out, and 5 items for which a summarized receipt that was not broken by detail of items purchase was provided. In testing of 20 additional travel and entertainment expenses, we noted that supporting documentation was received; however the purpose of the travel or entertainment was not always clearly identified.

We recommend that policies and procedures he designed and implemented that would require an itemized invoice or receipt he submitted to KTPP before expenses are reimbursed. In addition, supporting documentation for travel and entertainment should state the purpose of the activity.

KIPP has implemented new policies and procedures for submitting credit card expenses and travel reimbursements. All credit card charges and travel reimbursements must be submitted through Concur, a business travel and management software solution that was implemented in July 2014. All expense reports must be approved by department supervisor. Once approved by a supervisor, an audit review is performed by the Concur Audit Team to ensure that all credit card charges are submitted with an itemized receipt before expenses are reimbursed. In addition, the business purpose for each transaction must be entered in Concur before the expense report is submitted.

2014-3 Assess Accounting Department Staffing Needs

Observation:

Recommendation:


The Organization endured turnover of accounting staff during the year. Turnover in the accounting department may impact the organization's ability to maintain the appropriate internal controls over financial reporting.

We recommend that management and the Board of Directors assess the staffing needs of the accounting department and plan for a potential increase in capacity through hiring to meet the current and increasing needs of the department as the organization continues to grow.

Members of the organization's leadership team and board have begun discussions regarding the staffing and eapacity of the finanee department team. During fiscal year 2015, a general ledger accountant and Director of Finance were added to the team. The Director of Finance and Accoxmting now serves as the Director of Accounting and Compliance. The findings from this work will be taken into consideration with other needs across the organization as we continue to grow each year.

Status of Prior Year Comments

Improve Segregation of Duties of Cash Disbursements

Recommendation:

Status:

Signed checks should be mailed without allowing them to be returned to the employee responsible for accounts payable. To improve segregation of duties and to reduce the risk of misappropriation of cash, signed checks be given to an employee outside of the accoimts payable function for mailing.

Resolved.

Assess Accounting Department Staffing Needs

Recommendation:

Status:

Management and the Board of Directors should assess the staffing needs of the accounting department and plan for a potential increase in capacity through hiring to meet the current needs of the department.

Partially Resolved. See repeat comment 2014-3.

Training on New Accounting Software

Recommendation:

Status:

We recommend that a formal training program be provided to all users of the new accounting software to improve utilization and efficiency of the software.

Resolved.

We will review the status of these connnents during our next audit engagement. We have already discussed these comments and suggestions with management, and we will be pleased to discuss them in further detail at your convenience, to perform any additional study of these matters, or to assist you in implementing the recommendations.

This communication is intended solely for the information and use of management, the Board of Trustees, others within the organization, and federal awarding and pass-through entities, and is not intended to be, and should not be, used by anyone other than these parties. However, under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document.

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P&N

KIPP NEW ORLEANS, INC NEW ORLEANS, LOUISIANA

PERFORMANCE AND STATISTICAL DATA

FOR THE YEAR ENDED JUNE 30, 2014

Postlethwaite i^i^l &Netterville


www.pncpa.com


PERFORMANCE AND STATISTICAL DATA SCHEDULES

FOR THE YEAR ENDED JUNE 30, 2014

Postlethwaite & Netterville

A Professional Accounting Corporation Associated Offices in Principal Cities of the United States

www.pncpa.com

Independent Accountants' Report On Applying Agreed-Upon Procedures

To the Board of Directors KBPP New Orleans, Inc. New Orleans, Louisiana:

We have performed the procedures included in the Louisiana Governmental Audit Guide and enumerated below, which were agreed to by the management of KIPP New Orleans, Inc. and the Legislature Auditor, State of Louisiana, solely to assist users in evaluating management's assertions about the performance and statistical data accompanying the . annual financial statements of KIPP and to determine whether the specified schedules are free of obvious errors and omissions as provided by the Board of Elementary and Secondary Education (BESE) Bulletin as related to the limited procedures performed herein. This agreed-upon procedures engagement was performed in accordance with standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the specified users of the report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

Our procedures and findings relate to the accompanying schedules of supplemental information and are as follows:

General Fund Instructional and Support Expenditures and Certain Local Revenue Sources (Schedule 1)

1. We selected a random sample of 40 transactions and reviewed supporting documentation to determine if the sampled expenditures/revenues are classified correctly and are reported in the proper amounts for each of the following amounts reported on the schedule:

• Total General Fund Instructional Expenditures, • Total General Fxmd Equipment Expenditures, • Total Local Taxation Revenue, and • Total State Revenue in Lieu of Taxes.

We noted no exceptions.

Education Levels of Public School Staff (Schedule 2)

2. We reconciled the total number of full-time classroom teachers per the schedule "Experience of Public Principals and Full-time Classroom Teachers" (Schedule 4) to the combined total number of full-time classroom teachers per this schedule and to KIPP supporting payroll records as of October C.


30th Floor - Energy Centre • 1100 Poydras Street • New Orleans, LA 70163-3000 • Tel: 800.201.7332 One Galleria Blvd., Suite 2100 • Metairie, LA 70001 • Tel: 504.837.5990 • Fax: 504.834.3609

3. We reconciled the combined total of principals and assistant principals per tire schedule "Experience of Public Prmcipals and Full-time Classroom Teachers" (Schedule 4) to the combined total of principals and assistant principals per this schedule.


4. We obtained a list of full-time teachers, principals, and assistant principals by classification as of October P' and as reported on the schedule. We traced a random sample of 25 teachers to the individual's personnel file and determine if the individual's education level was properly classified on the schedule.

We noted 6 items in our sample of 25 where the education level could not be agreed to supporting documentation within the personnel file.

Number and Type of Public Schools (Schedule 3)

5. We obtained a list of schools by type as reported on the schedule. We compared the list to the schools and grade levels as reported on the Title 1 Grants to Local Educational Agencies (CFDA 84.010) application and/or liie National School Lunch Program (CFDA 10.555) application.


Experience of Public School Principals and Full-time Classroom Teachers (Schedule 4)

6. We obtained a list of full-time teachers, principals, and assistant principals by classification as of October P' and as reported on the schedule and traced the same sample used in procedure 4 to the individual's personnel file and determhied if the rudividual's experience was properly classified on the schedule.

We noted 16 items in our sample of 25 where the years of experience could not be agreed to supporting documentation within the personnel file.

Public School Staff Data (Schedule 5)

1. We obtained a list of all classroom teachers including their base salary, extra compensation, and ROTC or rehired retiree status as well as full-time equivalent as reported on the schedule and traced a random sample of 25 teachers to the individual's personnel file and determined if the individual's salary, extra compensation, and full-time equivalents were properly included on the schedule.

We noted 22 items in our sample of 25 where the salary amount could not be agreed to the supporting documentation within the personnel file.

8. We recalculated the average salaries and full-tune equivalents reported in the schedule.


Class Size Characteristics (Schedule 6)

9. We obtained a list of classes by school, school type, and class size as reported on the schedule and reconciled school type classifications to Schedule 3 data, as obtained in procedure 5. We then traced a random sample of 10 classes to the October T' roll books for those classes and determined if the class was properly classified on the schedule.


Louisiana Educational Assessment Prosram (LEAP) for the 2f' Century (Schedule 7)

10. We obtained test scores as provided by the testing authority and reconciled scores as reported by the testing authority to scores reported in the schedule by KIPP.


The Graduation Exit Exam for the 2P' Century {Schedule 8)

The Graduation Exit Exam has been discontinued.

The iLEAP Tests {Schedule 9)

11. We obtained test scores as provided by the testing authority and reconciled scores as reported by the testing authority to scores reported in the schedule by KIPP.


We were not engaged to, and did not perform an examination, the objective of which would be the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to om attention that would have been reported to you.

This report is intended solely for the use of management of the KIPP, the Louisiana Department of Education, the Louisiana Legislature, and the Legislative Auditor, State of Louisiana, and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of the procedures for their purposes. Under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document.


KIPP NEW ORLEANS, INC. SCHEDULE 1 GENERAL FUND INSTRUCTIONAL AND SUPPORT EXPENDITURES

AND CERTAIN LOCAL REVENUE SOURCES JULY 1,2013 - JUNE 30, 2014

General Fund Instructional and Equipment Expenditures

General Fund Instructional Expenditures; Teacher and Student Interaction Activities:

Classroom Teacher Salaries $ 10,437,042 Other Instructional Staff Activities 147,132.21 Instructional Staff Employee Benefits 2,032,896.14 Purchased Professional and Technical Services 747,220.15 Instructional Materials and Supplies 1,302,950.73 Instructional Equipment 354,516.54 Total Teacher and Student Interaction Activities $ 15,021,758

Other Instructional Activities 54,843

Pupil Support Activities $ 2,135,900 Less: Equipment for Pupil Support Activities

Certain Local Revenue Sources Not Applicable

Prepared by KIPP New Orleans, Inc.

$ 15,076,601

Net Pupil Support Activities $ 2,135,900

Instructional Staff Services $ 468,782 Less: Equipment for instructional staff services -

Net Instructional Staff Services $ 468,782

School Administration $ 3,487,923 Less: Equipment for School Administration -

Net School Administration $ 3,487,923

Total General Fund Instructional Expenditures $ 21,169,206

Total General Fund Equipment Expenditures $ 354,517

Schedule 2: Education Level of Public Principals, Assistant Principals, and Full-Time Classroom Teachers As of October 1, 2013

Category

Full-time Classroom Teachers Principals and Assistant Principals

Category Certii Icated Uncert ificated Certii Icated Uncertificated

Category Number Percent Number Percent Number Percent Number Percent Less than a Bachelor's Degree - 0% - 0% - 0% - 0%

Bachelor's Degree 97 37% 131 50% 12 35% 10 29%

Master's Degree 10 4% 22 oo

6 18% 5 15% Master's Degree +30 - 0% - 0% - 0% - 0% Specialist in Education - 0% - 0% - 0% - 0%

Ph.D. or Ed. D. - 0% - 0% - 0% 1 3% Total 107 41% 153 59% 18 53% 16 47%


Schedule 3: Number and Type of Public Schools For the Year Ended June 30, 2014

2014

Type Number

Elementary 1

Middle/Jr. High 1

Secondary 1

Combination 3

Total 6


Schedule 4;

Experience of Public Principals, Assistant Principals, and Full-Time Classroom Teachers As of October 1,2013

0-1 Yr. 2-3 Yrs. 4-10 Yrs. 11-14 Yrs. 15-19 Yrs. 20-24 Yrs. 25+ Yrs. Total

Assistant Principals 5.0 - 16.0 1.0 1.0 1.0 - 24.0

Principals 1.0 - 7.0 1.0 1.0 - - 10.0

Classroom Teachers 139.0 44.0 69.0 4.0 3.0 1.0 - 260.0

Total 145.0 44.0 92.0 6.0 5.0 2.0 - 294.0


Schedule 5: Public School Staff Data For the Year Ended June 30, 2014

2014 All Classroom Teachers

Classroom Teachers Excluding ROTC

And Rehired Retirees

Average Classroom Teachers' Salary Including Extra Compensation

$49,799 $49,799

Average Classroom Teachers' Salary Excluding Extra Compensation

$48,372 $48,372

Number of Teacher Full-time Equivalents (FTEs) used in Computation of Average Salaries

244 244

Note; Figures reported include all sources of funding (i.e. federal, state, and local) but exclude employee benefits. Generally, retired teachers rehired to teach receive less compensation than non-retired teachers and ROTC teachers receive more compensation because of a federal supplement. Therefore, these teachers are excluded from the computation in the last column. This schedule excludes day-to-day substitutes and temporary employees.


Schedule 6: Class Size Characteristics As of October 1,2013

School Type

Class Size Range

School Type 1-20 21-26 27-33 34+

School Type Percent Number Percent Number Percent Number Percent Number Elementary 0% - 17% 105 22% 55 0% -Elementary Activity Classes 2% 7 3% 18 4% 9 0% -Middle/Junior High 3% 9 9% 55 6% 15 0% -Middle/Junior High Activity Classes 21% 69 0% 1 0% - 0% -High 20% 68 4% 26 1% 3 0% -High Activity Classes 11% 36 2% 12 1% 2 50% 2 Combination 18% 60 46% 283 40% 100 25% 1 Combination Activity Classes 25% 84 19% 117 26% 66 25% 1

Total 100% 333 100% 617 100% 250 100% 4

Note; The Board of Elementary and Secondary Education has set specific limits on the maximum size of classes at various grade levels. The maximum enrollment in grades K-3 is 26 students and maximum enrollment in grades 4-12 is 33 students. These limits do not apply to activity classes such as physical education, chorus, band, and other classes without maximum enrollment standards. Therefore, these classes are included only as separate line items.


Schedule 7: Louisiana Educational Assessment Program (LEAP 21) for the 21st Century For the Year Ended June 30,2014

District Achievement Level

English Language Arts Mathematics District Achievement Level 2014 2014

Students Number Percent Number Percent Grade 4 Advanced 3 1% 19 9% Mastery 32 15% 41 19% Basic 83 39% 107 50% Approaching Basic 67 32% 26 12% Unsatisfactory 27 13% 20 9%

Total 212 100% 213 100%


Science Social Studies District Achievement Level 2014 2014


Total 211 100% 210 100%

NOTE: Spring 2014 LEAP 21 test data should be used to prepare this schedule.


Schedule 7: Louisiana Educational Assessment Program (LEAP 21) for the 21st Century For the Year Ended June 30, 2014


English Language Arts Mathematics District Achievement Level 2014 2014


Total 381 100% 382 100%


Science Social Studies District Achievement Level 2014 2014


Total 376 100% 376 100%

NOTE: Spring 2014 LEAP 21 test data should be used to prepare this schedule.


Schedule 7: Louisiana Educational Assessment Program (LEAP 21) for the 21st Century For the Years Ended June 30,2014, 2013, and 2012

District Achievement Level Results

English Language Arts Mathematics District Achievement

Level Results 2014 2013 2012 2014 2013 2012

Students Number Percent Number Percent Number Percent Number Percent Number Percent Number Percent

Grade 4 Advanced 3 1% 2 1% 1 1% 19 9% 6 3% 6 5% Mastery 32 15% 24 11% 10 8% 41 19% 28 13% 5 4% Basic 83 39% 110 51% 55 44% 107 50% 111 51% 71 56%

Approaching Basic 67 32% 61 28% 44 35% 26 12% 48 22% 31 25% Unsatisfactory 27 13% 19 9% 15 12% 20 9% 24 11% 13 10%

Total 212 100% 216 100% 125 100% 213 100% 217 100% 126 100%


Science Social Studies District Achievement

Level Results 2014 2013 2012 2014 2013 2012 Students Number Percent Number Percent Number Percent Number Percent Number Percent Number Percent

Grade 4 Advanced 4 2% 0 0% 0 0% 1 0% 0 0% 0 0%

Mastery 11 5% 13 6% 6 5% 12 6% 5 2% 2 2%

Basic 94 45% 78 35% 29 23% 91 43% 90 41% 41 33%

Approaching Basic 72 34% 91 41% 73 58% 70 33% 79 36% 49 39%

Unsatisfactory 30 14% 38 17% 18 14% 36 17% 44 20% 34 27% Total 211 100% 220 100% 126 100% 210 100% 218 100% 126 100%

NOTE: Spring 2012, 2013 and 2014 LEAF 21 test data should be used to prepare this schedule.


(continued)

Schedule 7: Louisiana Educational Assessment Program (LEAP 21) for the 21st Century For the Years Ended June 30,2014,2013, and 2012


English Language Arts Mathematics District Achievement

Level Results 2014 2013 2012 2014 2013 2012


Grade 8 Advanced 7 2% 11 5% 9 4% 18 5% 11 5% 11 5%

Mastery 43 11% 52 21% 45 22% 30 8% 27 11% 20 10%

Basic 195 51% 121 50% 93 46% 251 66% 174 72% 133 66%


Unsatisfactory 19 5% 6 2% 4 2% 30 8% 8 3% 9 4%

Total 381 100% 242 100% 203 100% 382 100% 243 100% 202 100%


Science Social Studies District Achievement

Level Results 2014 2013 2012 20 14 2013 2012


Grade 8 Advanced 8 2% 6 2% 6 3% 3 1% 8 3% 6 3%

Mastery 60 16% 50 21% 40 20% 52 14% 46 19% 39 19%

Basic 182 48% 116 48% 82 41% 215 57% 147 60% 108 53%


Unsatisfactory 22 6% 7 3% 11 5% 32 9% 12 5% 7 3%

Total 376 100% 243 100% 202 100% 376 100% 243 100% 202 100%

NOTE: Spring 2012, 2013 and 2014 LEAP 21 test data should be used to prepare this schedule.


Schedule 8: The Graduation Exit Examination for the 21st Century (GEE21) For the Year Ended June 30,2014

The GEE21 has been discontinued.

Schedule 9: / LEAP Test Results


English Language Mathematics Science Social Studies District Achievement Level Results 2014 2014 2014 2014

Students Number Percent Number Percent Number Percent Number Percent Grade 3 Advanced 4 2% 37 17% 5 2% 2 1% Mastery 33 16% 51 24% 27 13% 15 7% Basic 80 38% 82 39% 95 45% 118 56% Approaching Basic 63 30% 26 12% 64 30% 51 24% Unsatisfactory 32 15% 16 8% 21 10% 25 12%

Total 212 100% 212 100% 212 100% 211 100%




Total 337 100% 340 100% 339 100% 335 100%




Total 370 100% 371 100% 370 100% 370 100%


English Language Mathematics Science Soeial Studies District Achievement Level Results 2014 2014 2014 2014


Total 388 100% 384 100% 388 100% 388 100%

Prepared by KIPP New Orleans, Inc. (continued)

Schedule 9: iLEAP Test Results, Continued




Total 159 100% 159 100% 159 100% 159 100%


English Language Mathematics Seience Soeial Studies District Achievement Level Results 2013 2013 2013 2013


Total 294 100% 294 100% 295 100% 295 100%




Total 380 100% 378 100% 380 100% 380 100%




Total 368 100% 368 100% 369 100% 369 100%

Prepared by KIPP New Orleans, Inc. (continued)

Schedule 9: i LEAP Test Results, Continued




Total 155 100% 155 100% 154 100% 154 100%




Total 255 100% 253 100% 253 100% 256 100%




Total 335 100% 337 100% 336 100% 336 100%




Total 244 100% 240 100% 243 100% 244 100%


Documents

KIPP NEW ORLEANS, INC. NEW ORLEANS, LOUISIANA FINANCIAL STATEMENTS JUNE …app1.lla.state.la.us/PublicReports.nsf/5047ECF592340AEE... · 2020-06-01 · Opinion In our opinion, the