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. 3, March 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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