A Publication of the Resource Center for Charter Schools
Volume 9    Number 50     December 15, 2006  Pages: 1
Phone 361-561-8675 Fax 361-561-8677
Resource Center for Charter Schools All Rights Reserved
                                       


Audit Deadline: January 29, 2007

Pursuant to the terms of the applicable Contract for Charter, the Financial and Compliance Report for the fiscal year ended August 31, 2006 is due on or before January 29, 2007. Reports filed after this date will be considered delinquent. As discussed in Section 1.7.4 of the Special Supplement to the Financial Accountability System Resource Guide, Charter Schools (the supplement) at www.tea.state.tx.us/school.finance/audit/chartersupplement_1103.doc, the financial and compliance report will be deemed timely filed if it is complete and is filed within 150 days following the end of the charter school's fiscal year. As discussed in Section 1.7.4.3.1 of the supplement, a charter holder will be deemed to be in material noncompliance if it fails to file the financial and compliance report within 180 days following the end of the charter school's fiscal year end. Auditors will recommend that the TEA take administrative action if a finding of material noncompliance occurs. For additional information, contact Janice Hollingsworth at 512-463-9095.

As discussed in Section 1.7.2 of the supplement, the report must include the following:

  1. Certificate of board,
  2. Independent auditor's report,
  3. Statement of Financial Position (Exhibit A-1),
  4. Statement of Activities (Exhibit A-2),
  5. Statement of Cash Flows (Exhibit A-3),
  6. Notes to the financial statements,
  7. Statement of Financial Position for Individual Charter School (Exhibit B-1),
  8. Statement of Activities for Individual Charter School (Exhibit B-2),
  9. Statement of Cash Flows for Individual Charter School (Exhibit B-3),
  10. Schedule of Expenses for Individual Charter School (Exhibit C-1),
  11. Schedule of Capital Assets for Individual Charter School (Exhibit D-1),
  12. Budgetary Comparison Schedule for Individual Charter School (Exhibit E-1),
  13. Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in accordance with GAS,
  14. Report on Comp. with Requirements applicable to each major program and internal control over compliance in accordance with OMB Circular A-133 (if applicable),
  15. Schedule of Findings and Questioned Costs (Exhibit F-1),
  16. Corrective Action Plan (Exhibit G-1),
  17. Schedule of Expenditure of Federal Awards (Exhibit H-1) (if applicable), and
  18. Notes to the Schedule of Expenditure of Federal Awards (if applicable).