The Guahan Academy Charter School received unmodified (clean) opinions from independent auditors, Ernst & Young, LLP, on their fiscal year 2024 financial statements.

Auditors did not identify any material weaknesses in their reporting on internal control over financial reporting and on compliance, adding GACS closed FY 2024 with a positive net position of $2.7 million, a $540,000 increase, in contrast to an $88.4-thousand increase in FY 2023’s net position.

In a release issued by the Office of Public Accountability, GACS’ FY 2024 total expenses of $6.5M increased by $1.1M compared to $5.4M in FY 2023, noting these increases were attributed mainly to an increase in contractual services of proposed facility programming consulting services by $502,000 and an increase in materials/misc. supplies due to Typhoon Mawar and books/online expenses for online learning resources and subscriptions by $174,000.

The Guam OPA adds GACS continues to rely significantly on GovGuam funding, receiving $4.9M in Per Pupil Allocation, which constituted approximately 70% of its total annual revenue, of which the FY 2024 unexpended balance from the appropriation was $786,000.

By year-end, GACS boasted a student enrollment of 785, a 20-student increase from 765.

In addition, GovGuam allows GACS’ use of Buildings C, D, and E in Tiyan at no cost under a Memorandum of Agreement, which was initially established in Aug. 2013 and revised in May 2021.

The lease, valued at $79,000 per month or $953,000 annually, was set to expire on June 30, 2023. In March 2023, GACS requested an extension, and in Aug. 2023, the Office of the Governor confirmed that GACS could remain despite delays in processing a new agreement. As of the report date, OOG, the government entity with entitlement to possession, has not taken any steps to proceed with an unlawful detainer, has not sought any rent, and has not interrupted GACS’ peaceful possession of the property. GACS has requested continued use while securing financing for a new facility, subject to maintaining a valid charter and compliance with MOA terms.

GACS also continues to benefit from federal funding through Consolidated Grants and ARP-SEA grants under the CARES Act.

AUDIT