The TEA recently released the final #FIRST financial accountability ratings and Advantage Academy received a Superior Rating.
Created by the 77th Texas Legislature in 2001, the School Financial Integrity Rating System of Texas (FIRST) is designed to encourage public schools to better manage their financial resources to provide the maximum allocation possible for direct instructional purposes.
The 2015-16 ratings are based on annual financial reports provided to TEA by districts and charters from the 2015 fiscal year. The financial accountability system requires TEA to review the audited financial reports from all districts and charters.
The FIRST ratings are based on 15 financial indicators, such as administrative cost expenditures; the accuracy of a district or charter’s financial information submitted to TEA; and any financial vulnerabilities or material weaknesses in internal controls as determined by an external auditor.
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