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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
12/27/2024

8VAC20-671-220. Fiscal accountability.

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.

Historical Notes

Derived from Virginia Register Volume 31, Issue 24, eff. August 26, 2015.

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