Mount Carmel Charter School receives clean FY2025 audit

The Mount Carmel Academy Charter School has received a clean audit for Fiscal Year 2025, with independent auditors Ernst & Young issuing an unmodified opinion on the school’s financial statements and compliance. 

According to the report, auditors did not identify any material weaknesses in internal controls.

Mount Carmel Academy Charter School, the only converted private Catholic school operating as a Government of Guam academy charter school, served between 500 and 529 students during school year 2024–2025—within its authorized enrollment cap of 550.

Financial records show the school ended FY2025 with a total net position of $106,000. Current assets included $265,000 in cash, $82,000 in accounts receivable, and $6,000 in prepaid expenses. Accounts payable and accrued expenses totaled $285,000, covering utilities, materials, rent, and other approved costs.

The school reported $2.9 million in revenues from GovGuam in FY2025, a $601,000 increase from the previous year. Salaries and wages remained the largest expense, totaling $2.3 million—an increase attributed to hiring additional faculty and staff as enrollment grew following the school’s conversion to a charter institution.

Auditors did note one management matter involving accounting for lease agreements under gasb statement no. 87. The leases should have been recorded with a $107,000 lease asset and a $108,000 lease liability. Auditors recommended that school management develop a plan to ensure future government accounting standards are properly implemented.