Adoption Date: 12/21/2004, Revised: 3/21/2006; 3/20/2007; 12/04/12; 3/20/18


Fiscal accounting and reporting

The Board of Education recognizes the importance of maintaining the public trust in school governance and its responsibility to provide oversight of the finances of the District, thereby insuring the financial integrity of the institution. Toward that end, the Board adopts the following plan.

External Audit Reports: All audit reports and “management letters” will be provided directly to the Superintendent of Schools and the President of the Board of Education. The Board of Education President shall distribute copies of the audit report to all Board members. The delivery of the audit report to members of the Board of Education and to the Superintendent of Schools shall not be filtered through staff members whose work was the subject of the audit.

Audit Committee: An Audit Committee, which will be a subcommittee of the Board of Education, will oversee each District response to audit findings and review the District’s internal and external audit procedures. This committee will consist of three members and will report directly to the Board of Education.

Audit Evaluation: The Audit Committee will review the District contract for external audit services every five years and report in writing on its findings to the full Board of Education. Such a review may include a request for proposals as well as other methods determined to be appropriate by the Audit Committee.

Internal Auditing: The internal audit function of the District will be performed by an outside firm or consultant or by a district employee who holds no other duties in the District. The internal audit function must be independent of the influence of those being audited and, as such, must report directly to the Board of Education.

School Board Training: Because school board members are elected volunteers who come to their positions with varying degrees of financial expertise, and in consideration of the importance of the role of the Board in insuring the financial integrity of the District, the Board will require annual training of all trustees. The President of the Board of Education shall arrange such training as the Board or the Audit Committee may recommend.

School districts must have internal controls in place to ensure that the goals and objectives of the District are accomplished; laws, regulations, policies, and good business practices are complied with; operations are efficient and effective; assets are safeguarded; and accurate, timely and reliable data are maintained.

The Brockport School District's governance and control environment will include the following:
a) The District's code of ethics addresses conflict of interest transactions with Board members and employees. Transactions that are less-than-arm's length are prohibited. Less-than-arm's length is a relationship between the District and employees or vendors who are related to District officials or Board members.
b) The Board requires corrective action for issues reported in the CPA's management letter, audit reports, the Single Audit, and consultant reports.
c) The Board has established the required policies and procedures concerning District operations.
d) The Board routinely receives and discusses the necessary fiscal reports including the:
Treasurer's cash reports, Budget status reports, Revenue status reports, Monthly extra-classroom activity fund reports, and Fund balance projections (usually starting in January).
e) The District has a long-term (three to five years) financial plan for both capital projects and operating expenses.
f) The District requires attendance at training programs for Board members, business officials, treasurers, claims auditors, and others to ensure they understand their duties and responsibilities and the data provided to them.
g) The Board has an audit committee to assist in carrying out its fiscal oversight responsibilities.
h) The District's information systems are economical, efficient, current, and up-to-date.
i) All computer files are secured with passwords or other controls, backed up on a regular basis, and stored at an offsite location.
j) The District periodically verifies that its controls are working efficiently.
k) The District will provide appropriate staff during which time another staff member is absent to perform those duties when necessary.
The Superintendent is directed to develop those administrative regulations that may be necessary for the implementation of this policy.

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