With schools returning to classes soon, we give you a breakdown of Science is Fun and Awesome Learning Academy Charter School’s Fiscal Year 2023 audit and the strategies the program is using to move forward.

SIFA audit is now available for public review, released by the Office of Public Accountability. The independent audit, conducted by Ernst & Young, issuing SIFA a clean opinion on its financial statements. However, auditors also identifying four material weaknesses and two significant deficiencies in the school’s internal control over financial reporting.

According to the OPA's financial highlights, as of September 30, 2023, SIFA's enrollment stood at 420 students—exceeding the authorized funding cap. Funding is set at $7,000 per student, with a cap of 350 students for School Year 2022–2023, a limit aligned with the school’s staffing capacity at the time.

The report also noting a decrease in both revenues and expenses—with Government of Guam appropriations totaling $1.86 million, accounting for nearly all of SIFA's total revenues for Fiscal Year 2023.

In the meantime, salaries remained the school’s largest expense, totaling $1.49 million, or 73 percent of SIFA's total FY2023 expenditures.

The audit flash report also references SIFA's dispute with its former landlord, Eagle Land Holdings, LLC. in response to these challenges, management has developed a financial recovery strategy aimed at improving cash flow and long-term stability. 

That plan includes proposing an increase to the enrollment cap, initiating a claim against the P.L.E.A.S.E. contract vendor to recover funds, applying for applicable grant opportunities, and other corrective measures.

The full report is available at www.opaguam.org.