Mount Carmel Academy Charter School, Guam’s only Catholic charter school, received an unmodified opinion on its Fiscal Year 2024 financial statements from independent auditors Ernst & Young.

Auditors reported no material weaknesses in the school’s internal controls or compliance. The academy closed FY 2024 with a net position of $150,000.

For the year, Mount Carmel received $2.3 million in government revenue, making up 78% of its allocated $3 million, and spent nearly the same amount. 

Salaries and wages accounted for the largest portion of expenditures at $1.5 million. Enrollment ranged from 326 to 400 students, within its authorized cap.

The audit did note areas for improvement, including establishing written policies for capital assets and ensuring payroll accruals are recorded properly.

This marks the first year the Office of Public Accountability oversaw the school’s financial audit.