The Board of Education insists on clear, complete, and detailed accounting of all financial transactions for which the Board is held accountable.
Accounting and Reporting Systems
The system of accounts will conform to the Uniform System of Accounts for School Districts. The accounting system will yield information necessary for the Board to make policy decisions.
Proposed expenditures will be budgeted under and the actual expenditures will be charged to categories that most accurately describe the purpose for which monies are to be spent.
The Board directs the Treasurer to keep it informed of the financial status of the district through monthly cash reconciliation and budget status reports and annual fiscal reports. The School Business Official should highlight any deviation in actual fiscal conditions from planned fiscal conditions and offer recommendations to the Board to remedy the situation. The School Business Official will prepare and submit, through the Superintendent, to the Board and the Commissioner of Education, such reports as are prescribed by law. These shall be filed with appropriate governmental bodies as required under law or regulation. The district will cooperate with governmental agencies and research organizations as required by law for data concerning the fiscal operations of the district.
The Board also directs the School Business Official and the School District Treasurer to keep informed of changes in state and/or Government Accounting Standards Board (GASB) accounting requirements and implement changes, as appropriate. The Board expects that the School Business Official will communicate new standards and/or requirements to the Board, as necessary, so that the Board can carry out its responsibilities.
Independent/External Audits
The district shall be audited annually by an independent certified public accountant or a public accountant, and that accountant shall report directly to the Board of Education. The auditor’s report shall be adopted by resolution and a copy shall be filed with the Commissioner of Education. Such accountants shall be selected using an RFP process.
The Superintendent or designee is hereby directed to respond to all audit findings and recommendations. Such response is to include a statement of the corrective actions taken or proposed to be taken. He/she will prepare corrective action for Board approval.
The Superintendent shall also ensure that the provisions contained in the General Municipal Law in regard to audit reports are followed.
Cross-ref:
- 1120, School District Records
Ref:
- Education Law §§1610; 1721; 2117; 2528; 2577; 2590-i
- General Municipal Law §§33; 34
- 8 NYCRR §§155.1; 170.1; 170.2
Adoption date: February 13, 2006
Revised: December 12, 2011
Reviewed: August 28, 2017
Revised: October 15, 2019