Oregon Administrative Rules
Chapter 581 - OREGON DEPARTMENT OF EDUCATION
Division 26 - PUBLIC CHARTER SCHOOLS
Section 581-026-0210 - Annual Financial Reporting
Universal Citation: OR Admin Rules 581-026-0210
Current through Register Vol. 63, No. 9, September 1, 2024
(1)
(a) A public charter school required to
comply with ORS 338.035(2)(a)(B) and
(C) shall have an annual audit of the
accounts of the public charter school prepared in accordance with the Municipal
Audit Law, ORS 297.405 to
297.555 and
297.990.
(b) A public charter school that meets the
definitions and criteria in ORS
338.035(6)(b) (A), (B), (C) and
(D), may be treated as the same legal entity
as the school district and is not required to submit a separate audit. The
public charter school must comply with OAR 581-026-0200 and must be included in
the audit of the sponsoring district. The district audit for the public charter
school must minimally include:
(A) An audit
of all accounts and funds associated with the public charter school;
(B) A summary of significant accounting
policies, cash and investments, and internal controls; and
(C) A statement of activities and a balance
sheet containing a summary of the assets and liabilities of the public charter
school as of the closing date of the preceding annual audit period for the
school.
(2) After an audit, the public charter school shall forward a copy of the annual audit to the Department of Education.
(3) After an audit, the public charter school shall forward the following to the sponsor:
(a) A copy of the annual audit;
(b) Any statements from the public charter
school that show the results of all operations and transactions affecting the
financial status of the public charter school during the preceding annual audit
period for the school; and
(c) A
balance sheet containing a summary of the assets and liabilities of the public
charter school as of the closing date of the preceding annual audit period for
the school.
Stat. Auth.: ORS 338.025
Stats. Implemented: ORS 338.095
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