Biennial Audit Services

The Vendor is required to provide biennial audit services for the fiscal year FY 24-25 and to complete the current uniform systems of financial records (USFR) compliance questionnaire.
- Basis of accounting
•    The government-wide, proprietary, and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. 
•    Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. 
•    Property taxes are recognized as revenue in the year for which they are levied.
•    Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. 
•    Under this method, revenues are recognized when measurable and available. 
•    The district considers all revenues reported in the governmental funds to be available if the revenues are collected within 60 days after year-end. 
•    Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, claims and judgments, and compensated absences, which are recognized as expenditures to the extent they are due and payable. 
•    General capital asset acquisitions are reported as expenditures in governmental funds. 
•    Proceeds of general long-term debt and acquisitions under capital leases are reported as other financing sources.
- Budgeting and budgetary control
•    The district adopts an annual operating budget for expenditures for all governmental fund types on essentially the same modified accrual basis of accounting used to record actual expenditures. 
•    The governing board presents a proposed budget to the superintendent of public instruction and county school superintendent by July 5.
•    Budgetary control over expenditures is exercised at the fund level.
•    The general fund is budgeted within 5 subsections, any of which may be over-expended with the prior approval of the governing board at a public meeting, providing the expenditures for all subsections do not exceed the general fund’s total budget.
•    Encumbrance accounting, under which purchase orders, contracts, and other commitments to expend monies are recorded to reserve that portion of the applicable fund balance, is not employed by the district during the year.
•    At year-end the county school superintendent must encumber in the general, district additional assistance, and adjacent ways funds the amounts necessary and available to pay liabilities outstanding for goods or services received but unpaid at June 30.
- Report review, timing, and number of copies
•    Following completion of draft reports, the audit firm must submit 5 copies of the audit reports, management letter, and the USFR compliance questionnaire to the audit liaison Kathleen manning, business manager, for review.
•    Upon completion of the final reports, the audit firm must provide 7 bound paper copies and one electronic copy of the audit reports, management letter, and USFR compliance questionnaire to the district.
•    The audit firm must submit one copy of the audit reporting package and data collection form to the federal audit clearinghouse and provide one copy of the audit reporting package to other pass-through entities when the schedule of findings and questioned costs discloses audit findings related to federal awards that the pass-through entities provided or the summary schedule of prior audit findings reports on the status of prior findings related to federal awards that the pass-through entities provided.
•    The audit firm will make no other distribution unless approved by the district.