A follow-up review released this week by State Auditor Dave Boliek found that the district’s financial management has not meaningfully improved since last fall.
WINSTON-SALEM, N.C. — Winston-Salem/Forsyth County Schools has appointed Stacy Kelley as its new director of finance, bringing in a 15-year Wells Fargo veteran as the district faces ongoing scrutiny over a sizeable budget deficit and a state auditor’s finding that its financial management has not improved.
According to WS/FCS, Kelley spent her career at Wells Fargo in wealth, compliance and risk management. She holds a bachelor’s degree in accounting from Alabama A&M University.
“Stacy Kelley has a proven track record of responsible financial management that leads to lower costs and lower frustration,” Superintendent Don Phipps said in a statement. “Excellent monetary stewardship is essential to rebuilding trust with our district’s stakeholders, and I trust her to lead the way in our finance department.”
The hire is part of a broader effort by the district to stabilize its financial operations following a pair of critical state audits. A follow-up review released last week by State Auditor Dave Boliek found that the district’s financial management has not meaningfully improved since his office’s initial audit last fall.
Among the new findings: a September 2024 budget transfer of nearly $17 million that overdrew its source account by more than $11 million; a failure to complete monthly budget reconciliations; nearly $15 million in fiscal year 2025 expenditures kept off the books and later backdated; and a zero-interest internal loan of up to $6 million from the district’s Child Nutrition Fund that lacked repayment terms or penalties.
The district also appointed Jennifer Del Rosario as director of payroll. Del Rosario brings 17 years of payroll experience across eight organizations in four states and most recently served as interim payroll consultant director for LHH Recruitment Solutions in Greensboro. She holds an MBA from Shorter University.
In addition to the leadership appointments, the district is forming a seven-member community audit advisory committee to provide an additional layer of financial oversight. More than 50 people applied for the positions. Four members have been selected, with the remaining three to be appointed by the Forsyth County Board of Commissioners in the coming weeks. The full committee is expected to be announced in April and will meet four times a year.
Selected members include a former Winston-Salem city manager, the chief auditor for the UNC system, a former vice president at Morgan Stanley and a CPA from Deloitte who previously served on the Wake County Schools audit committee, according to district spokeswoman Amanda Lehmert.
“This is all about making sure that our community is confident that we’re on the right track,” Lehmert said in a statement.
Phipps said the district has already begun corrective steps, including regular budget reconciliations and a January board action to require repayment of the Child Nutrition Fund loan with interest this fiscal year.
“WS/FCS is in a new era of fiscal responsibility,” Phipps said. “We have a balanced budget. We have practices in place to ensure it stays that way.”