Report Submissions – What Your District Needs to Know

by Sara Kirk, CPA, CFE, Consulting Partner

Posted on January 26, 2022

Around this time of year, school districts have to ensure reports are submitted to the appropriate agencies to meet various reporting requirements.   A summary of information containing instructions for the most common reporting requirements is as follows:

Association of School Business Officials International (ASBOI) and/or the Government Finance Officers Association (GFOA) – For school districts who prepare an Annual Comprehensive Financial Report (ACFR) for submission to ASBOI and/or GFOA for consideration for their financial reporting award programs, the deadline is December 31st (6 months after fiscal year end).  Extensions are typically available.  ASBOI requires that the ACFR and related required information be emailed to COE@asbointl.org.  GFOA utilizes an Awards Management System (AMS), which governments utilize to submit their ACFR and related documents.  If the submitting official changes at your school district, it is important for this information be updated with the GFOA in order for the district to be able to execute the submission.

Arizona Department of Education (ADE) – Laws 2021, Chapter 7 revised A.R.S. 15-914 now requires audits to be uploaded to ADE for transparency purposes.  The finalized audit documents can be uploaded through ADE’s Common Logon.  For those districts that expend more than $750,000 in federal monies, the Single Audit must also be uploaded to Grants Management Enterprise (GME).  Deliverables issued, and therefore uploaded to ADE as a result of the District’s annual audit by an independent CPA firm, may include:

  • ACFR or financial statements
  • Single Audit Reporting Package (includes results of the audit performed in accordance with Government Auditing Standards (GAS) and the results of the audit performed in accordance with Uniform Guidance)
  • Uniform System of Financial Records (USFR) Compliance Questionnaire

Please also be mindful that the audits must be accepted by the District’s Governing Board through a roll call vote.  School districts should also evaluate other audit reports issued to the Governing Board and management throughout the year to ensure they are accepted by the board and uploaded to ADE as required.

Arizona Office of the Auditor General – The results of the District’s annual audit by your contracted independent CPA firm are required to be provided to the Office of the Auditor General. The independent CPA is required to provide an electronic copy of the audit reports to the Arizona Auditor General, Accounting Services Division along with a web-based USFR Compliance Questionnaire. 

Federal Audit Clearinghouse – School districts that are required to have a Single Audit must ensure the Single Audit Reporting Package is submitted to the Federal Audit Clearinghouse through the Internet Data Entry System (IDES). This web-based platform requires the Data Collection Form to be prepared and certified by both the auditee and auditor. The deadline for submitting the Data Collection Form and related Single Audit Reporting Package is the earlier of March 31st (9 months after fiscal year end) or 30 days after the Single Audit Report is issued.

Electronic Municipal Market Access (EMMA) – For Municipal Securities Rulemaking Board (MSRB) EMMA filings, most issuer filing deadlines are February 1st of each year.  If your school district has issued bonds in the primary market, the district must provide an annual report each year.  If the school district has audited financial statements, they may be contained within the ACFR, or they could be contained in a Single Audit Reporting Package or other report format.  If the District is not required to receive an annual financial audit, the District could submit the Annual Financial Report (AFR) that is required to be submitted to ADE each year by October 15.  EMMA filings are also typically required to include certain operating data, which may be contained in the statistical section of an ACFR or are prepared and uploaded as a separate document.  To execute the EMMA filing, an employee at the school district must have an account established.

Set calendar reminders of deadlines as applicable and make sure to get your reports submitted!

 

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