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Virginia Administrative Code
Title 8. Education
Agency 20. State Board of Education
Chapter 240. Regulations Governing School Activity Funds
11/21/2024

8VAC20-240-40. Audits; monthly and annual reports.

School activity funds (internal accounts) shall be audited at least once a year by a duly qualified accountant or accounting firm approved by the local school board and a copy of the audit report shall be filed in the office of the division superintendent. Monthly reports of such funds shall be prepared and filed in the principal's office, and annual reports shall be filed in the office of the principal or division superintendent. The cost of such an audit is a proper charge against the school operating fund or school activity funds.

Statutory Authority

§§ 22.1-16 and 22.1-17 of the Code of Virginia.

Historical Notes

Derived from VR270-01-0023 § 4, eff. September 1, 1980.

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