Changes were made to the Charter School Audit Guide in fiscal year 2016. They consist of the increase in the threshold from $500K to $750K for a Uniform Guidance audit (formerly an OMB Circular A-133 audit). The sample financial statements have been revised to satisfy these changes, as well as Government Accounting Standards Board (GASB) No. 68 requirements (on-behalf of pension).
Changes were made to the CSEOYFR to improve and provide more relevant and helpful examples for the line items. In addition, Schedule 7C, transportation was revised, as it will now be customized to automatically populate the amounts to minimize errors. In addition, each school’s CSEOYFR template was uploaded into the drop box prior to September 1st. The fiscal year 2016 CSEOYFR will be due on Wednesday, November 23, 2016.
For additional information please contact us.
November 1, 2016 – Audit reports are due to the Massachusetts Department of Elementary and Secondary Education (DESE).
November 8, 2016 – Election day – Question 2 – Charter School Expansion – A yes vote on Question 2 would give DESE the authority to lift the charter School cap, allowing up to 12 new charter Schools in the Commonwealth each year or the expansion of existing charter. If the vote passes the proposed law will take effect on January 1, 2017.
November 23, 2016 – Charter School End of Year Financial Report due to DESE.