It’s that time of year when school districts begin preparing their financial statements. And, as we do every September, we updated our Checklist for Preparing and Reviewing School District Financial Statements to help you get ready. The 2021-2022 tool includes new questions on lease accounting, recording transactions as they occur, and non-routine events.
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The Office of the Washington State Auditor is excited to announce the addition of school district financial data to our Financial Intelligence Tool (FIT). Before we make this data available to the public, we are inviting school districts to preview their data and become familiar with how to use the tool.
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This week, the Washington Association of School Business Officials (WASBO) is hosting its annual conference. As is our custom, we have created an Audit Connection newsletter designed just for schools and school districts.
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Since the state Legislature approved House Bill 1660 in June 2020, school districts across Washington have been examining the law to understand what is required of them and how to manage their Associated Student Body (ASB) funds. Here’s a quick refresher about the law, who’s responsible for setting the criteria, and how SAO plans to audit this area.
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Accounting and reporting guidance for leases and subscription-based information technology arrangements (SBITAs) are changing for school districts and charter schools. Before this change, districts and charters used a somewhat subjective test to determine if a lease should be classified as “operating” or “capital.” Under the new guidance, all leases (with a few stated exceptions) are just leases, eliminating “operating” leases. The primary goal of the new accounting method is to increase comparability across governments; it also gives financial statement users better, more complete information by establishing a single model for lease accounting.
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Just like established public schools, charter and tribal schools are subject to public audit. In the 2020-21 school year, Washington’s charter and tribal schools served more than 5,600 students. SAO audits the public funding that each type of school receives. This article outlines how each type of school fares under public audit.
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Washington’s governments encountered special audit circumstances this year when it came to preparing the Schedule of Expenditures of Federal Awards (SEFA). School districts were no different—and many of you found yourselves facing a federal audit for the first time because the funding you received related to the COVID-19 pandemic met or exceeded the federal government’s threshold to require an audit.
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We’re excited to see you in person at this year’s annual WASBO conference. Since we last saw you—virtually in 2021—we’ve updated some of your favorite resources, like the school’s financial statement review and preparation checklist, and made some changes to our piggybacking best practices guide. We’ve also launched new guides and checklists for payroll and accounts payable that you won’t want to miss. And with the influx of federal money to school districts, we’ve created a new tool to help with your federal grant programs. Stop by our booth to learn more about these resources!
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With the school district year-end financial report deadline just around the corner, we’ve updated our Preparation and Review Checklist for School District Financial Statements. The updated checklist will help school districts using the F-196 reporting model, modified accrual or cash basis.
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In this special edition of our Audit Connection newsletter, we offer a range of articles personalized to schools and school districts.
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