700 Graham Rd
Cuyahoga Falls, OH 44221
Financial Reporting Deadlines Summarized
Its financial reporting season. Below is a list of the pertinent dates to keep in mind. Following the list is detailed explanations of each.
Optional Five Year Forecast FY15 (P) Reporting Period
This optional 5 Year Forecast period was opened 6/11/15 and will remain open until 8/21/15. This reporting period is available for school districts to post updated 5 Year Forecasts to the Ohio Department of Education website. The fiscal team is more than happy to submit your forecast and notes for you. Just email fiscal[at]neonet[dot]org and a member of the team will follow up with you. If you would like for the notes to appear on the website in the same format you prepared them in, PDF assumptions/notes should be e-mailed to shonta.cade[at]education.ohio[dot]gov. The notes should be converted to a PDF document and must have the following naming convention: District_Name-IRN where all parts of the district’s name are separated with an underscore, followed by a dash, then the six-digit IRN. For example, Newton Falls Exempted Village School District would be named Newton_Falls-045567 and Newton Local would be Newton-048637.
EMIS Period H Submission
Period H opened Friday June 19th and will run until September 30 for the submission of financial data. This collection is required for all EMIS reporting entities. This yearend financial reporting includes school accounting information, capital assets, and other miscellaneous data types.
Prior to submission, VALACT fatal errors should be corrected, the USAEMSEDT Cash Reconciliation record balanced with the current FINSUMM cash total, and the Federal Summary record should be updated.
Data is collected using the SIF Works Data Collector using the Data Sources Tab. Data should be collected after the fiscal year is closed. Please email the fiscal team at fiscal[at]neonet[dot]org if you would like assistance with your Period H submission process.
Auditor of State Annual Financial Data Reporting System – Taken from the AOS website at the following address; http://www.auditor.state.oh.us/financialreporting/default.html
The AOS is in the process of implementing a change to the manner in which annual financial reports are submitted to the Auditor of State’s office, as required by ORC Section 117.38 via use of AFDRS.
AFDRS is an Internet based application that allows certain financial statement, debt, and demographic data to be entered and transmitted to the AOS to satisfy the filing requirements prescribed by the ORC and the OAC. AFDRS increases uniformity in financial reporting and allows for expanded use of the financial data that is submitted. AFDRS will eventually provide the public and users of this information improved access and functionality. The AOS is implementing the use of AFDRS over a 4 stage phase in period.
Currently, all counties, cities, and school districts, including educational service centers and community schools, libraries, townships and villages are required to AFDRS as indicated below:
School Districts (including educational service centers and community schools) - required filing via AFDRS for June 30, 2014 and after. Beginning for the June 30, 2015 year end filing, in addition to completion of the financial statement shells, filing via AFDRS
will require a complete copy of the financial statements, including the basic financial statements, consisting of the government-wide financial statements, fund financial statements, notes to the basic financial statements, Management’s Discussion and Analysis, and any other required supplementary information to be uploaded.
The AOS is aware the initial implementation of the AFDRS will affect client schedules and could impact the ability to meet the filing deadlines prescribed by ORC 117.38; therefore, extensions of the due dates will be available, if requested. The AOS will consider granting an extension when the circumstances listed in AOS Technical Bulletin 2008-001 exist or have occurred; however, the initial year each entity is required to file via the AFDRS is also an acceptable reason for requesting an extension.
The request for extension should be submitted to Local Government Services (LGS) at LGSAnnualFinancialReports[at]ohioauditor[dot]gov no later than the deadline for filing the annual financial report. Please be aware that receiving an extension for filing the entity’s annual financial report does not eliminate the assessment of penalties for failing to comply with the requirements of OAC 117-2-03(B), which requires certain entity types to prepare their financial reports pursuant to GAAP. Please also note entities not filing on a GAAP basis should also request extensions, if necessary, to avoid a noncompliance citation in the management letter for a late filing.
July 21st, Open Lab
August 7th, USPS Roundtable at 9:00
August 14th, USAS Roundtable at 9:00
August 18th, Open Lab
August 19th, Treasurer’s Operating Committee Meeting at 12:00