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Comprehensive Guide to Financial Reporting for North Dakota School Districts

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This guide, presented by Christi Schaefbauer, CPA, SFO, offers essential insights into financial reporting for school administrators, board members, and external stakeholders. It outlines the key components of the balance sheet and the operating statement, including necessary details such as school district and fund names, and the proper financial reporting timelines. Users will find crucial information about audit reports, the types of auditor opinions, and the process of closing the books. Stay compliant and informed with this vital resource for all financial reporting needs in North Dakota.

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Comprehensive Guide to Financial Reporting for North Dakota School Districts

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  1. Financial Reporting Christi Schaefbauer, CPA, SFO Instructor

  2. Users of Financial Reports • Internal • School Administrators • School Board • Other Staff • External • State Legislature • Creditors • Taxpayers

  3. Balance Sheet The 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

  4. Operating Statement Shows the result of Operations. The Statement of Revenues, Expenditures and Fund Balances is the operating statement used by School Districts

  5. North Dakota School District Financial Report Due 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

  6. School Board Reports NDCC requires financial reports to Board at least quarterly However, NDCC 15.1-07-10 requires monthly activity fund reports to the Board

  7. Audit Reports Elements - Fund Financials - Government Wide Financials - Notes to the Financial Statements - MD & A - Budgetary Comparisons - Auditor’s Opinions and Findings

  8. Audit Reports • Four Types of Auditor Opinions • Unqualified • Qualified • Adverse • Disclaimer

  9. Closing the Books All 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.

  10. Thank you! Resources: NDSFARM www.dpi.state.nd.us/resource/ndsfarm.pdf Financial Accounting for School Administrators, Tools for Schools, Third Edition Ronald E. Everett, Donald R. Johnson, and Bernard W. Madden Instructions for Completing the North Dakota School District Financial Report http://www.dpi.state.nd.us/resource/Stars/Reports/FinanceReport.pdf Contact me at christi.schaefbauer@msd1.org

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