Series: Series6000     Sub Series: 6600 FISCAL ACCOUNTING AND REPORTING     Policy Number: 6600
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FISCAL ACCOUNTING AND REPORTING


All officers and school employees having accounting responsibilities for district financial transactions shall follow the rules, regulations and instructions as promulgated in the Uniform System of Accounts.

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 Superintendent of Schools to keep it informed of the financial status of the district through monthly and annual reports prepared by the District Treasurer and School Business Administrator. The Superintendent should highlight any deviation in actual fiscal conditions from planned fiscal conditions and offer recommendations to the Board to remedy the situation.

The Treasurer’s annual report will detail all monies received and expended by the district, and will be published in the local newspaper in July or August. The Treasurer will utilize specific forms prescribed by the state in submitting the monthly report. The Business Administrator will make monthly financial reports showing the current status of the budget. The Board may schedule budget reviews quarterly or more often if necessary.

The District Treasurer will also prepare and submit, through the Superintendent, to the Board and the Commissioner of Education, such reports as are prescribed by law. The district will cooperate with governmental agencies and research organizations as required by law for data concerning the fiscal operations of the district.

The district shall be audited annually by an independent certified public accountant or a public accountant. The auditor's report shall be adopted by resolution and a copy shall be filed with the Commissioner of Education. The office of the New York State Comptroller may make unannounced audits of the district’s accounts.

The Superintendent 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, or if action is not taken or proposed, an explanation of reasons, as well as a statement on the status of corrective actions taken on findings or recommendations contained in any previous report of examination or external audit, or any management letter for which a response was required.

The Superintendent shall also ensure that the provisions contained in the General Municipal Law in regard to audit reports are followed.

An annual inventory and appraisal of the contents of each school building will be compiled by a professional appraisal firm. Such inventories will be maintained by the business office with the cooperation of all district administrators.



District Reference:
,

General Reference:

Education Law §§1610; 1721; 2117; 2528; 2577; 2590-i 
General Municipal Law §§33; 34
8 NYCRR §§155.1; 170.1; 170.2


Adoption Date:
2002-07-08

Last Revised: