Guidance and Reports

The Minnesota Department of Education

2014 School Finance Award

The School Finance Award is awarded annually by the Minnesota Department of Education (MDE), Division of School Finance, to recognize schools for meeting statutory deadlines for submission of audited fiscal financial data and reporting criteria. Out of 571 eligible reporting entities, 404 met the qualifying criteria for the FY2014 School Finance Award. There was no application process for the FY 2014 School Finance Awards.

Criteria for FY 2013 Financial Reporting:

A. Timely Submission of Financial Data and Compliance with Minnesota Statutes

A.1. Preliminary unaudited UFARS data was submitted to MDE by September 15, 2013¹ (Minn. Stat. § 123B.77, Subd. 2).

A.2. Final audited UFARS data was submitted to MDE by November 30, 2013² (Minn. Stat. §

123B.77, Subd. 3). Late UFARS submissions were not considered.

A.3. The Fiscal Compliance Table was completed and error-free by November 30, 2013²

(Minn. Stat. § 123B.77, Subd. 3). Subsequent Fiscal Compliance Table submissions were not considered.

A.4. The audited financial statement was submitted to MDE by December 31, 2013. If the audit was

mailed/emailed, it must have been postmarked on or before December 31, 2013 (Minn. Stat. § 123B.77, Subd. 3).

A.5. District/school used state-approved financial software (Minn. Stat. § 125B.05, Subd. 3).

B. Presence of Select Indicators of Fiscal Health

B.1. The district/school had a zero or positive balance in the General Fund Unassigned Fund Balance account 422.

B.2. The district/school had 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 had no errors.

C.2. The district/school’s final audited UFARS data agreed with the independent audit data.

¹September 15, 2013 statutory deadline fell on a Sunday; therefore, submissions were timely if submitted by Monday, September 16, 2013, and ²November 30, 2013 statutory deadline fell on a Saturday, therefore, submissions were timely if submitted by Monday, December 2, 2013 (Minn. Stat. § 474A.025).