Fernando Diaz was seeking a new challenge in his career. After decades of experience in public accounting and in financial controllership roles with private educational academies, he accepted a position as the business director at the prestigious Pearlbrooke Academy in New York City. The Academy's president and Board were confident that the school was in sound financial standing and ready for the next steps in bolstering its elite reputation. Little did they or Fernando know, but the current business administrator was not as adept as needed to assemble credible financial statements for a non-profit institution. In this case, students join Fernando in critically analyzing the Academy's financial statements, suggested necessary changes, and considering the implications of mis-reporting.