- Associated Press - Tuesday, January 13, 2015

JENNINGS, La. (AP) - A state audit finds the Jefferson Davis Parish School Board overlooked its own policy when it invested more than 25 percent of its funds with the same issuer.

In a 122 page report released Monday, accountant Mike Gillespie detailed three findings, including one putting the board at credit risk by violating its own policy.

School board finance director Bill Heber said the violations are technical and the board will address them.

A management letter included in the audit report noted the School Board did not follow its own policy when it invested $3.9 million in Federal Home Loan Mortgage, which accounted for nearly 27 percent of total overall investments as of June 30, 2014.

Hebert tells the American Press (http://bit.ly/1HTL0c3) the board will monitor all future holdings.

___

Information from: American Press, http://www.americanpress.com

LOAD COMMENTS ()

 

Click to Read More

Click to Hide