Resource update: Checklist for school district financial statements

Sep 16, 2021

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. The checklist covers important questions for school districts as they prepare and review their financial statements, note disclosures, the Schedule of Long-Term Liabilities, and the Schedule of Expenditures of Federal Awards (if applicable).

Districts will also find information related to common problem areas, such as the recording of bond refunding or large capital projects outstanding at year-end. Financial statement preparers can use the checklist to double-check these common problem areas and consider best practices, such as preparing note disclosures in accordance with the most current template from the Administrative Budgeting and Financial Reporting (ABFR) handbook or planning procedures for knowledgeable people to review completed financial statements. Finally, reviewers can use the checklist to ensure the statements and schedules are complete and accurate.

District staff can find the updated checklist posted in our Resource Library. The checklist is now in Excel format, so district staff can download it and complete it electronically.

If you have other questions, comments or suggestions, feel free to email us at