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Title 4 . Education and Early Development
Chapter 6 . (Repealed)
Section 121. Annual financial reporting requirements

4 AAC 06.121. Annual financial reporting requirements

Effective August 5, 1990, a school district's annual audit report under AS 14.14.050 must meet the following requirements:

(1) the financial reports must be in conformity with generally accepted accounting principles defined in the Codification of Governmental Accounting and Financial Reporting Standards adopted in 4 AAC 06.120(a) (1);

(2) all governmental money shall be reported on the modified accrual basis of accounting;

(3) the effective dates of state and federal laws stipulating financial reporting requirements for school districts govern the content of an audit acceptable under AS 14.14.050 ;

(4) financial audits shall report data for all required codes contained in the Uniform Chart of Accounts for Public School Districts, adopted by reference in 4 AAC 06.120(a) (2); revenue and expenditure codes for which there were no transactions during the audit period need not be reported;

(5) the following additional special reports must be submitted, on a form prescribed by the department, with the annual audit report:

(A) Auditor's Report on Fund Balance Compliance based upon the requirements of AS 14.17.505 ;

(B) Auditor's Report on Compliance based upon the employee bonding requirement of AS 14.14.020 ;

(C) repealed 12/30/98;

(D) Certified Auditor's Report of Reimbursable Expenditures for School Construction based upon the requirements of AS 14.11.100 and 4 AAC 31.060;

(E) Certified Tuition Rate Report based upon the requirements of 4 AAC 09.030.

History: Eff. 8/5/90, Register 115; am 12/30/98, Register 148; am 5/4/2000, Register 154

Authority: AS 14.07.020

AS 14.07.060

AS 14.14.050

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Last modified 7/05/2006