AP audit identifies mishandling of school’s cheerleading funds

A recent accounts payable audit of Bearden Middle School in Knoxville, Tennessee, raised questions about how a teacher and cheerleading coach was handling money meant for the school's cheerleading squad, according to the Knoxville News Sentinel.

While the audit did not uncover any concrete mismanagement or misappropriation of funds, Knox County Schools' accounts payable supervisor Roger Underwood reported that receipts were not kept to support all expenses and appropriate purchasing procedures were not always followed by the coach.

The AP audit found that Jacqueline Money used cash to buy food and gifts for members of the squad without approval from the school's administration. Money also purchased cheerleading supplies and charged amounts for camps that were greater than fees paid. She subsequently provided a comprehensive listing of items purchased without receipts, the news source reports.

Money has since resigned as the school's cheerleading coach but is still employed as a teacher. The fact that her failure to follow financial reporting procedures was uncovered by a routine revenue and expenditure audit underscores the importance of conducting regular accounts receivable and AP audits. 

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