Accounting and Reporting Issue Date

Descriptor Term: DI

ACCOUNTING AND REPORTING ISSUE DATE:

REVISED DATE: 4/2/2015

The superintendent of schools shall open and keep regular sets of books, as prescribed by the State Department of Education, which shall be subject to inspection during office hours by any citizen so desiring to inspect the same. The books for each fiscal year shall be kept separately and same shall be safely preserved by the superintendent of schools. S376123 (2006)

The State Department of Education is hereby authorized and directed to prescribe and formulate for use by all school districts of this state, including municipal separate school districts, adequate accounting systems and other essential financial records which shall be uniform for all of the school districts of this state. Such uniform system shall include a method of accounting for and keeping records of all funds received, handled and disbursed by such school district, whether derived from taxation or otherwise, including funds derived from donations, athletic events and other special activities of the school district. The uniform system of accounts so prescribed and formulated by the State Department of Education shall be distributed and disseminated to all of the school districts of this state and it shall be mandatory that the boards of trustees of all such school districts install, utilize and follow said uniform system of accounts in keeping the financial records of the school district. At the request of the Mississippi Department of Education, the Office of the State Auditor shall provide advice for implementation of this section. S 37-37-1 (2006)

Standard 10 is as follows:

10.The school district operates with a uniform system of accounts as specified in state law and as prescribed by the State Auditor's Office. {MS Code 37918, 37371, 37373, 37176(16), 37377, 373713, 376119 and 376123}

10.1The board of education has implemented a fixed asset system of accountability that complies with the standards established by the State Auditor's Office for the verification of fixed assets and the auditing of fixed assets records. {MS Code 37176(16)}

10.2The financial accounting data and the corresponding annual audit report as submitted to the Mississippi Department of Education reflect no less than a zero fund balance (as defined by generally accepted accounting principles) for all funds of the school district. {MS Code 376119}

10.3The most recent annual audit report of the school district, as conducted under the guidelines of the State Auditor's Office, indicates that the auditor has issued an unqualified opinion (as defined by generally accepted auditing standards) on the general purpose financial statement of the school district. {MS Code 37918, 37371, and 376123}

10.4The most recent annual audit report of the school district, as conducted

under the guidelines of the State Auditor's Office, verifies the

accuracy, validity, and timely reporting of all student data submitted

to the MDE, including but not limited to the electronic transmission

of student enrollment, attendance, transportation, absenteeism,

graduation, dropouts, and any other student data and administrative functions as deemed necessary.

{MS Code 37377(2)(b)(c)(d) and 373713}

10.5The most recent annual audit report of the school district, as conducted under the guidelines of the State Auditor's Office, verifies the accuracy and timely reporting of all reports, other than student data, required for submission to the MDE in accordance with state law and/or State Board of Education policies. {MS Code 37377(2)(e) and 373713}

LEGAL REF.: MS CODE as cited

Mississippi Public School Accountability Standards (2006)

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