STATE OF INDIANA

STATE OF INDIANA

AN EQUAL OPPORTUNITY EMPLOYER

B45422

STATE BOARD OF ACCOUNTS 302 WEST WASHINGTON STREET

ROOM E418 INDIANAPOLIS, INDIANA 46204-2769

Telephone: (317) 232-2513 Fax: (317) 232-4711

Web Site: sboa

October 15, 2015

Charter School Board Business Consulting, Inc. dba Indiana Virtual School 510 E. 96th Street Indianapolis, IN 46240

We have reviewed the Supplemental Audit Report prepared by Charles Madden, PC, Independent Public Accountants, for the period July 1, 2013 to June 30, 2014. In our opinion, the Supplemental Audit Report was prepared in accordance with the guidelines established by the State Board of Accounts.

We call your attention to the findings in the report. Pages 5 through 7 contain five audit results and comments. Management's response is on pages 9 through 10.

In addition to the report presented herein, a Financial Statements and Independent Auditors' Report for Business Consulting, Inc. dba Indiana Virtual School was prepared in accordance with the guidelines established by the State Board of Accounts.

The Supplemental Audit Report and the Financial Statements and Independent Auditors' Report are filed in our office as a matter of public record.

Paul D. Joyce, CPA State Examiner

BUSINESS CONSULTING, INC. dba INDIANA VIRTUAL SCHOOL

INDIANAPOLIS, INDIANA

SUPPLEMENTAL AUDIT REPORT

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

BUSINESS CONSULTING, INC. dba INDIANA VIRTUAL SCHOOL

INDIANAPOLIS, INDIANA

TABLE OF CONTENTS

Page

SCHOOL OFFICIALS

3

TRANSMITTAL LETTER

4

AUDIT RESULTS AND COMMENTS

5-7

EXIT CONFERENCE

8

OFFICIAL RESPONSE

9-10

BUSINESS CONSULTING, INC. dba INDIANA VIRTUAL SCHOOL

INDIANAPOLIS, INDIANA

SCHOOL OFFICIALS

FISCAL YEAR ENDED JUNE 30, 2014

Office President of Board of Directors Secretary Treasurer Members of the Board

Superintendent

Offical

Thomas H. Stoughton

Chris King

Jim Tilford

Sue Richardson Fred Ellis Tom Burroughs

Dr. Percy Clark

Term

7/1/13 ? 6/30/14

7/1/13 ? 6/30/14

7/1/13 ? 6/30/14

7/1/13 ? 6/30/14 7/1/13 ? 6/30/14 7/1/13 ? 6/30/14

7/1/13 ? 6/30/14

Page 3

The Board of Directors Business Consulting, Inc. dba Indiana Virtual School We have audited the financial statements of Business Consulting, Inc. dba Indiana Virtual School (the "School") as of and for the fiscal year ended June 30, 2014 and have issued our report thereon dated August 12, 2015. As part of our audit, we tested the School's compliance with provisions of the Accounting and Uniform Compliance Guidelines Manual for Indiana Charter Schools issued by the Indiana State Board of Accounts and related provisions of laws, regulations, contracts and grant agreements. Reported in the Audit Results and Comments are matters where we believe the School was not in compliance with those provisions.

Indianapolis, IN September 10, 2015

850 Fort Wayne Avenue Indianapolis, IN 46204

Telephone 317-266-0480 Facsimile 317-639-5583

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