School Finance Award Criteria for Fiscal Year (FY) 2013 Reporting
For FY 2014, the School Finance Award will be awarded by the Minnesota Department of Education (MDE) Division of School Finance to recognize schools for meeting statutory deadlines for submission of audited FY 2013 financial data and fiscal and financial reporting criteria. There will be no application process for the FY 2014 School Finance Award. Based on the criteria below, MDE will determine if all requirements have been met, and MDE will publish a list of the award recipients in early 2014.
Criteria for 2014 Awards based on FY 2013 Financial Reporting:
A. Timely Submission of Financial Data and Compliance with Minnesota Statutes
A.1. Preliminary unaudited UFARS data is submitted to MDE by September 15, 2013¹ (Minn. Stat., § 123B.77, Subd. 2).
A.2. Final audited UFARS data is submitted to MDE by November 30, 2013² (Minn. Stat. § 123B.77, Subd. 3). Late UFARS submissions will not be considered.
A.3. The Fiscal Compliance Table is completed and error-free by November 30, 2013² (Minn. Stat. 123B.77, Subd. 3). Subsequent Fiscal Compliance Table submissions will not be considered.
A.4. The audited financial statement is submitted to MDE by December 31, 2013. If the audit is mailed/emailed, it must be postmarked on or before December 31, 2013 (Minn. Stat. § 123B.77, Subd. 3).
A.5. District/school uses state-approved financial software (Minn. Stat., § 125B.05, Subd. 3).
B. Presence of Select Indicators of Fiscal Health
B.1. The district/school has a zero or positive balance in the General Fund Unassigned Fund Balance account 422.
B.2. The district/school has a zero or positive aggregate fund balance in each of the funds 2, 4 and 7.
B.3. The district had positive or zero balances in Restricted/Reserved accounts having statutory requirements to maintain a positive or zero balance.
C. Accuracy in Financial Reporting
C.1. The district/school’s final UFARS Turnaround Edit Report has no errors.
C.2. The district/school’s final audited UFARS data agrees with the independent audit data.
¹September 15, 2013 statutory deadline falls on a Sunday; therefore, submissions are timely if submitted by Monday, September 16, 2013, and ²November 30, 2013 statutory deadline falls on a Saturday, therefore, submissions are timely if submitted by Monday, December 2, 2013 (Minn. Stat. § 474A.025).