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Reporting and Auditing Requirements – Activity and Cafeteria Funds - Section F Centralized Systems (City and Charter Schools) Normally a separate audit report is not issued for a centralized cafeteria system. These systems are generally audited as a part of the board of education audit. The design and performance of audit procedures related to compliance with federal programs are the responsibility of the firm conducting the audit of the board of education. Additional Requirements of the Comptroller’s Office 1. An opinion on whether the accompanying information is fairly stated in all material respects in relation to the basic financial statements taken as a whole is preferred for ALL supplementary information. However, at a minimum the Schedule of Expenditures of Federal Awards and State Financial Assistance must be opined on in relation to the basic financial statements. 2. Noncentralized county, city, charter schools, and special school district systems are required to include a Schedule of Expenditures of Federal Awards and State Financial Assistance. (This schedule is required if the organization has expended any direct federal assistance or subrecipient funds, regardless of the amount expended. Assistance in the form of loans must separately identify both the federal and state portions. In addition, the composition of the schedule should conform to the example in Appendix A, which exceeds OMB requirements.) 3. Centralized city systems and centralized charter school systems are governed by the requirements established for Municipalities and Charter Schools in this manual. (MUNICIPAL CAFETERIA PROCEDURES – APPENDIX C) F-5
SECTION G REPORTING AND AUDITING REQUIREMENTS ENTITIES RECEIVING FUNDS ONLY THROUGH THE MEDICAID WAIVER PROGRAM (DIDD) Department of Intellectual and Developmental Disabilities (DIDD) Medicaid Waiver Contracts Background Certain service/vendor contracts executed with DIDD include an audit requirement. This requirement is meant to provide DIDD with information relevant to their legal responsibilities. Beginning in 2009, audits related solely to these contracts will behave been contracted for through the Division of Municipal Department of Audit. Many organizations are private companies that would normally not be required to contract for an audit. Based on the contractual audit requirement, agencies receiving $500,000 or more in assistance under these DIDD agreements will be required to follow most of the requirements that apply to all other organizations contracting with the Division of Local Government Audit. Financial Reporting General Audit reports for entities receiving only DIDD medicaid waiver funds shall conform to the general report outline in Section A. The required statements and schedules for these funds, shall comply with GAAP relevant to the type of organization being audited. Additional Requirements of the Comptroller’s Office 1. Some entities may be sole proprietorships. It would not be uncommon for this type of entity to have no assets, liabilities, or equity; however, a balance sheet must still be included, with 0’s for all amounts. 2. An opinion on whether any accompanying information is fairly stated in all material respects in relation to the basic financial statements taken as a whole is preferred for ALL supplementary information. However, if a Schedule of G-1
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Trust Funds - Procedures IJ-5 Resid
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