The Business and Technology Academy Charter School received an unmodified opinion on its Fiscal Year 2025 financial statements from independent auditors Ernst & Young, with no material weaknesses found in internal controls or compliance.
The audit, overseen for the first time by the Office of Public Accountability, found the charter school closed FY2025 with a net position of about $134,000. Auditors noted five internal control deficiencies for management consideration but said none rose to the level of significant deficiencies.
For the fiscal year ending Sept. 30, 2025, the academy reported about $1.4 million in revenue from the Government of Guam, representing roughly 87% of the $1.5 million allocated based on per-pupil funding. Total expenditures were about $1.2 million, with salaries and wages accounting for the largest share at $473,000, or 38% of operating costs. As of the end of FY2025, the school had 174 students enrolled.
The audit also noted related-party transactions with the Business & Technology Endowment Foundation. In August 2024, the academy entered into a zero-interest loan agreement with the foundation to support school operations, including payroll and facility expenses. As of Sept. 30, 2025, the outstanding balance was about $177,000.
The school operates under a three-year sublease agreement with the foundation that began in July 2024, with monthly rent of about $14,700. Lease payments totaled about $177,000 during FY2025, with a remaining lease liability of about $299,000.
Auditors recommended improvements in lease accounting, bank reconciliation procedures, year-end accrual practices, student enrollment data accuracy and continued financial training for accounting staff.