Financial Reporting and Audits
The Board directs that financial reports of all RISE Charter School 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. The financial reports shall reflect the financial activity and status of the RISE Charter School funds.
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 RISE Charter School audits shall be conducted in accordance with Idaho Code § 67-450B. Each audit shall be a comprehensive audit of the affairs of the RISE Charter School and the RISE Charter School 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 days after receiving the audit from the RISE Charter School’s independent auditor, the RISE Charter School shall file two 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
The report shall be filed with the State Department of Education after its acceptance by the Board of Directors not later than November 10.
Legal References:
I.C. § 33-701 Fiscal Affairs of School Districts - Fiscal Year - Payment and Accounting of Funds
I.C. § 65-450B Legislature - Independent Financial Audits of Local Governmental Entities — Filing Requirements
Policy History:
Adopted on: December 13, 2021
Revised on:
Reviewed on: