North Stonington report released on former superintendent’s use of school …
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North Stonington – The Board of Finance released copies of its audit of former Superintendent Natalie Pukas’ school district credit card use Friday morning, along with advice that the town create written policies and procedures for proper documentation of employee expenses.

The audit, dated Aug. 10, from J.H. Cohn LLP Accountants & Consultants, reviews Pukas’ district credit card activity between July 1, 2008, and April 19, 2012, and analyzes which expenditures were not “district related.” It also reviews the former superintendent’s expense reimbursement reports between July 1, 2008, and March 31, 2012, as well as the superintendent’s contract.

The audit results coincided with Pukas’ paying the town $ 18,491.09, which includes the cost of the audit at $ 6,000. The settlement agreement was accepted Monday at a special joint meeting of the Board of Finance, Board of Education and Board of Selectmen. The former superintendent resigned in June amid accusations that she had misused a district credit card in her name during her tenure. The Board of Finance launched a forensic audit earlier this year.

The summary of the credit card and expense report activity shows $ 3,744.20 spent on restaurant expenditures that were not district-related, and $ 4,454.75 spent on conf…………… continues on

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Chinese credit use studied
News from Columbia Daily Tribune:

The number of Chinese households using credit cards has spiked in recent years, a University of Missouri researcher has found.

Today, at least 30 percent of urban households in China have at least one card. That means the growth rate of credit card adoption has averaged 40 percent a year between 2004 and 2009.

“With more and more people taking advantage of credit in China, it certainly increases potential consumer buying power,” said Rui Yao, an assistant professor of personal finance planning in the College of Human Environmental Sciences. “However, we found that more than 90 percent of non-credit card users were unaware of safety issues inherent in credit card use, and more than 60 percent had little knowledge of the consequences of credit card default.”

Yao studied data from the 2008 Survey of Chinese Consumer Finance and Investor Education conducted by Tsinghua University in China and found that most new credit card holders are younger than 35. That’s because the concepts of credit and debt are contrary to the pri…………… continues on Columbia Daily Tribune

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