Umbaugh It's all about experience

(888) 516 9594

New SBOA Reporting Requirements

By Jeffrey P. Rowe, CPA, Partner, June 28, 2018

On June 12, 2018 the State Board of Accounts announced new reporting requirement for all governmental units.  The objective of the reporting requirement is to provide a more efficient and cost effective audit process by doing more monitoring, planning and audit work prior to coming on site. The new requirements, some of which are already required annually, are summarized as follows:

Required Monthly

  • Bank Reconcilements
  • Copy of Approved Board Minutes
  • Funds Ledger detailing receipts and disbursements by Fund

Required Annually

  • Year-end Bank Statements
  • Year-end Outstanding Check List
  • Year-end Investment Statement
  • Detail of Receipts and Disbursements for the Year
  • Salary Ordinance
  • Employee Earnings Records
  • Annual Vendor History Report

The new requirements will be effective for local units, with the exception of schools and counties, beginning July 2018 and July files will be required to be uploaded into Gateway no later than September 15, 2018.  Going forward the documents must be uploaded no later than the 15th of the second month following the month they are for.  Failure to upload the documents when they are due or in a timely manner may cause delays in completing the audit.

For more information regarding the reporting requirements or if you would like our assistance in handling the reporting requirements for you, please feel free to contact us at .(JavaScript must be enabled to view this email address).

Information in this article was believed current as of the date of publication. As you know, changes occur frequently. The information presented is of a general educational nature. Before applying to your specific circumstances, please contact us at vision@umbaugh.com.


Categories


Newsletter Sign-Up

To receive our Vision Newsletters please provide us with your email address: