LIS

Virginia Law

Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 8. Education
Agency 20. State Board of Education
Chapter 240. Regulations Governing School Activity Funds
11/3/2025

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

School activity funds 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 the 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 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; amended, Virginia Register Volume 41, Issue 26, eff. September 25, 2025.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.