Jerome Joint School District No. 261

FINANCIAL MANAGEMENT 7230

Financial Reporting and Audits

The Board directs that financial reports of all District funds shall be prepared in compliance with statutory

provisions and generally accepted accounting and financial reporting standards. In addition to the reports

required for local, state, and federal agencies, financial reports will be prepared monthly and annually and

presented to the Board. Financial reports will be prepared monthly to show a statement of operation that

compares revenues and expenses against budget. A balance sheet will be prepared for each fund to show the

condition of the fund monthly. An annual financial statement will be prepared and published as prescribed by law.

Appropriate interim financial statements and reports of financial position, operating results and other pertinent

information will be prepared to facilitate management control of financial operations.

The Board directs that District audits shall be conducted in accordance with Idaho code § 67-450B. Each audit shall be a comprehensive audit of the affairs of the District and the District funds. The audits shall comply with all

statutory provisions and generally accepted governmental auditing standards, as defined by the United States

Government Accountability Office. Within ten (10) days after receiving the audit from the District’s independent

auditor, the school district shall file two (2) copies of the completed audit report with the legislative counsel at:

Idaho Legislative Services Office

Legislative Services Audit

Staff of Legislative Counsel

P.O. Box 83720

Boise, Idaho 83720-0054

Associated Student Body Funds.

Each school will submit monthly financial reports to the Board of Trustees showing receipts, expenditures and

current balances of each account within the school. Annually a report will be submitted to the agency performing

the independent audit as required by the auditing agency.

An independent audit of the financial statements of the district and the associated student body funds will be

conducted annually as required by law.

Legal Reference: I.C. § 33-701 Fiscal year – Payment and accounting of funds

I.C. § 67-450B Independent Financial Audits by Local Government Entities

Cross Reference: 7260 Student Activity Fund

Policy History:

Adopted on: 11/21/2006

Revised on: 08/25/2020