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Financial Reporting Christi Schaefbauer, CPA, SFO Instructor

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Financial Reporting. Christi Schaefbauer, CPA, SFO Instructor. Users of Financial Reports. Internal School Administrators School Board Other Staff. External State Legislature Creditors Taxpayers. - PowerPoint PPT Presentation

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Introduction to Accounting

Financial Reporting

Christi Schaefbauer, CPA, SFO Instructor

Users of Financial ReportsInternalSchool AdministratorsSchool Board Other StaffExternalState LegislatureCreditorsTaxpayers

Balance SheetThe Financial Position of the Entity

Should also contain:- The name of the school district- The name of the fund- The name of the financial statement (balance sheet)- The date- All asset, liability and fund balance accounts that have a non-zero balance

Operating StatementShows the result of Operations.

The Statement of Revenues, Expenditures and Fund Balances is the operating statement used by School Districts

North Dakota School District Financial ReportDue August 1 to DPI

State Aid withheld if not submitted by November

Instructions for Completing the North Dakota School District Financial Report= http://www.dpi.state.nd.us/resource/Stars/Reports/FinanceReport.pdf

School Board ReportsNDCC requires financial reports to Board at least quarterly

However, NDCC 15.1-07-10 requires monthly activity fund reports to the Board

Audit ReportsElements

- Fund Financials - Government Wide Financials - Notes to the Financial Statements - MD & A - Budgetary Comparisons - Auditors Opinions and Findings

Audit ReportsFour Types of Auditor Opinions

UnqualifiedQualifiedAdverseDisclaimer

Closing the BooksAll accounts in the statement of revenues, expenditures, and changes in fund balance are zeroed out as well as budgetary accounts and any open encumbrances.

This is likely performed in the background by your accounting software.

Thank you!Resources:NDSFARM www.dpi.state.nd.us/resource/ndsfarm.pdfFinancial Accounting for School Administrators, Tools for Schools, Third EditionRonald E. Everett, Donald R. Johnson, and Bernard W. MaddenInstructions for Completing the North Dakota School District Financial Report http://www.dpi.state.nd.us/resource/Stars/Reports/FinanceReport.pdf

Contact me at [email protected]

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