Pursuant to Senate Bill 1, 2021 Extraordinary Session, districts are required to submit their current COVID-19 School Operations Plan and any subsequent drafts to KDE for informational purposes.
Districts may submit their plans to KDE using this form.

District Financial Reporting

COVID-19 Resources for District Audits

Published: 10/20/2020 12:56 PM

Frequently Asked Questions (FAQs)

Important Change relative to FY20 School District Audits 

1) The Governmental Accounting Standards Board (GASB) on April 15 proposed to postpone the effective dates of provisions in almost all Statements and Implementation Guides due to be implemented by state and local governments for fiscal years 2019 and later.  This would include Statement No. 84, Fiduciary Activities. What are KDE's thoughts?

      We are hoping districts will have begun implementing procedures since this has been in the works for over a year and had no way to predict the current shut-down status of most buildings and possible access to records.  We encourage Kentucky districts to utilize the new special revenue accounts mentioned in the contract for 2019/2020.  Even though not a requirement now for 19/20 financial audits, the Exposure Draft continues the encouragement of early implementation, which is important to governments that already have implemented some of those provisions or intend to proceed with implementation under the original effective dates.

2) What accommodations are being made for auditors performing FY20 school district audits due to COVID 19?

       As you know, the FY20 contract states that, " the official records and reports of the school district shall not be taken from the board of education office during the course of the audit engagement."  KDE is happy to report on behalf of the SCSDA, that a modification to the contract has been created and approved. The amendment of the contract outlines important criteria that must be adhered to.  It must be agreed upon by both parties and approved by the SCSDA.  The SCSDA has granted KDE the approval to make those decisions on behalf of the committee so that the FY20 audit work isn't delayed.  KDE will forward any amendments received to the State Committee Chair for signatures and will update the SCSDA at a future meeting.  If you would like to request this amendment, please discuss it with your district and print the form for signatures from the KDE website:https://education.ky.gov/districts/FinRept/Pages/District-Financial-Audit-Contracts.aspx   .Once signatures are obtained, you can scan and email the amendment to the finance reports inbox at finance.reports@education.ky.gov.  If you have any other questions regarding this issue, please reach out to the DFMB.  

Steve Lyles
Office of Finance and Operations
Division of District Support
300 Sower Blvd., 4th Floor
Frankfort, KY 40601
(502) 564-3930
Fax (502) 564-6771

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