Virginia Administrative Code
Title 8 - EDUCATION
Agency 20 - STATE BOARD OF EDUCATION
Chapter 671 - REGULATIONS GOVERNING THE OPERATION OF PRIVATE SCHOOLS FOR STUDENTS WITH DISABILITIES
Section 8VAC20-671-220 - Fiscal accountability
Universal Citation: 8 VA Admin Code 20-671-220
Current through Register Vol. 40, No. 16, March 25, 2024
A. The licensee shall prepare at the end of each fiscal year:
1. An operating statement to include a
month-to-month accounting of revenue and expenses for the fiscal year just
ended;
2. A working budget showing
projected revenue and expenses for the next fiscal year that gives evidence of
sufficient funds to operate; and
3.
A balance sheet showing assets and liabilities for the fiscal year just
ended.
B. There shall be a system of financial recordkeeping that shows a separation of the school's accounts from all other records.
C. There shall be written policies and procedures that address the day-to-day handling of the school's funds.
D. The department reserves the right to call for one of these two types of statements:
1. An audited financial statement
certified by an outside independent certified public accountant in accordance
with standards established by the American Institute of Certified Public
Accountants; or
2. A financial
statement that has been reviewed by an outside independent certified public
accountant in accordance with principles established for reviews by the
American Institute of Certified Public Accountants.
Statutory Authority: §§ 22.1-16 and 22.1-321 of the Code of Virginia.
Disclaimer: These regulations may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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