AFTER HAVING CONCLUDED THE JUNE 30,2012, engagement and issuing an unmodified report on May 9, 2013, for a preschool organization in the City of New York, which I had been auditing for just over 10 years, I was faced with a dilemma. In the decade from July 1, 2000, to June 30, 2010, despite gross revenues hovering at $7,500,000 per year, it had accumulated an aggregate deficit close to $900,000 - or a revenue shortfall of about a 2.5 percent - and was devolving into a financial challenge from which it might not recover.
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