School Finance Update 2003 Aug

Cover School Finance Update 2003 Aug
School Finance Update 2003 Aug
Montana.Office of Public Instruction.School Budgeting And Accounting Division
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mt.us .
New Coding System for Federal and State Grants Now Effective The new coding system is required in FY 2003-04.
Click here for a full list of "New Codes for FY2004" . OPI Contact: Jim Oberembt at (406) 444-1257 or [email protected] .
Office of Public Instruction August 2003 Page 2 of 4 Federal A-133 Audit Threshold Increasing Through FY 2003-04, districts with at least $300,000 of Federal assistance must have a Federal A-133 audit each year.
Beginning FY 2004-05, the threshold moves t
...o .tt^^nn nnn For audits of FY 2004-05, the threshold requiring a school district to have a "Federal" (A-133) audit instead of a regular "Yellow Book" audit will increase to $500,000 from the current $300,000 level.
This change means that districts spending $500,000 or more Federal assistance (including the value of USDA commodities) in a year starting in FY2004-05 will require an audit under Federal 0MB Circular A- 133 standards. The Federal audit places more scrutiny on the district's Federal funding than a regular audit.


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