The Pembroke Central School District in Genesee County missed a chance to earn approximately $237,000 by not taking advantage of investment options for surplus funds, State Comptroller Thomas P. DiNapoli reported.
DiNapoli said an audit between Jan. 1, 2022, and April 30, 2023, showed that the district received more than $153,000 in interest for money on deposit in 15 bank accounts at two financial institutions, but could have earned about $390,000 if other options had been taken.
The audit report recommended that the school district adopt a comprehensive investment plan, look for quotes on interest rates and hold an annual review of its investment policy.
District officials agreed with the findings and said that several corrective measures already have been taken, including an expanded investment program that earned $337,663 in interest income from February 2023 through March 2024.
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Another state audit from July 1, 2021, to June 13, 2023, found that, because of lax oversight by a faculty auditor, about $3,500 in funds raised through student club activities were not deposited for more than six months, and that 14 payments of about $11,000 were not properly itemized. District officials agreed and said that they will correct the problems.
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