Public schools are subject to extensive oversight and regulation. Compliance is an ongoing challenge that BPI can help you meet.
To ensure compliance, annual audits are required by the SBOA, with reports due biannually to the DOE.
Indiana State Department of Education (DOE)
Oversight of schools starts with the Indiana State Department of Education (DOE). Most state and federal funding grants are administered through the DOE.
Every six months, schools are required to submit to DOE a report of revenues and expenditures called Form 9. Bookkeeping Plus prepares this report for its clients, and otherwise works to ensure that they use the proper forms and procedures required by the DOE and SBOA.
State Board of Accounts (SBOA)
In Indiana, the SBOA promulgates a series of protocols that govern accounting methodology for schools. Compliance is mandatory, but due to the extensive nature of the regulations, it is not always easy to understand how the rules apply in a particular case or how they should be implemented.
BPI has the knowledge and experience of what information to provide to the SBOA on behalf of each of our clients. We also work with the client to ensure that they remain in compliance. We set up the accounting system in compliance with the SBOA-designated chart of accounts and related regulations.
The SBOA also disseminates regulations for recordkeeping and records management. BPI helps the school ensure its compliance with the Indiana state standards.
Audits are required by state law, implemented and conducted by SBOA. BPI has extensive experience with the audit process and what to expect. We strive to keep the accounts audit-ready throughout the year.
Prior to the audit, we prepare any necessary information and work with the client to make sure they are prepared. We then work with the auditors to ensure that they have all the information they need, and assist with any questions as they arise. With BPI as your accountant, the audit process goes much more smoothly, which also can reduce the cost to the school.
We help schools set up their processes and procedures to stay in compliance with the SBOA. We pride ourselves on the schools we work with on having zero or extremely low audit comments. We also have come on board as the accountant for a number of schools and turned around their problem compliance scores within the next audit period.
Internal Control Law
Indiana has passed a new law requiring specific Internal Control procedures for government entities including public schools. BPI can design and set up a system of internal control. We can evaluate your current financial workflow procedures, and then recommend improved processes so as to help reduce errors and prevent fraud. In particular, we can help your school come into regulatory compliance in this area.
Extra-Curricular Accounting Compliance
BPI also offers compliance services in the field of Extra-Curricular Accounting.
Click here to read about our other areas of Public School Accounting services.