Current through Reg. 49, No. 38; September 20, 2024
(a) A district may
elect to file an annual financial statement as of August 31 of each year in
lieu of the district's compliance with §
525.3 of
this subchapter (relating to Duty to Audit) provided:
(1) the district had no long term (more than
one year) liabilities outstanding during the biennial period other than
rent/lease contracts;
(2) the
district did not have gross state revenues in excess of $75,000.00 in any year
of the biennial period;
(3) the
district's State Fund cash, receivables, and short term investments balances
were not in excess of $50,000 in any year of the biennial period;
(4) the district is not otherwise required to
have its accounts and records audited in compliance with a funding agreement
with any federal, county, or other agency; and
(5) the district is not otherwise required at
the discretion of the State Board to have its accounts and records audited
under Agriculture Code of Texas, §201.080, Records, Reports, Accounts, and
Audits.
(b) A district
may elect to file a compilation and review with required procedures as of
August 31 of each year in lieu of the district's compliance with §
525.3 of
this subchapter provided:
(1) the district has
no more than one long term (more than one year) liabilities outstanding during
the biennial period other than rent/lease contracts and that the one liability
consists of real property utilized by the district as its primary office
location;
(2) the district did not
have gross state revenues in excess of $250,000.00 in any year of the biennial
period;
(3) the district's State
Fund cash, receivables, and short term investments balances were not in excess
of $50,000 in any year of the biennial period;
(4) the district is not otherwise required to
have its accounts and records audited in compliance with a funding agreement
with any federal, county, or other agency;
(5) the district is not otherwise required at
the discretion of the State Board to have its accounts and records audited
under Agriculture Code of Texas, §201.080, Records, Reports, Accounts, and
Audits; and
(6) the person who
performs a compilation and review shall be a certified public accountant or
public accountant holding a permit from the Texas State Board of Public
Accountancy.
(c) The
annual financial statement, compilation and review, or audit must be reviewed
and approved by the district directors and so recorded in the minutes of the
board meeting at which such action was taken.
(d) The annual financial statement,
compilation and review, or audit must be accompanied by an original affidavit
signed by the district's current chairman, vice chairman, and secretary
attesting to the accuracy and authenticity of the financial report.
(e) Districts governed by this section are
subject to periodic audits by the State Board.
