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2007-2008 Update to Financial Accounting for New Jersey Private Schools for the Students with Disabilities
6 pages
English

2007-2008 Update to Financial Accounting for New Jersey Private Schools for the Students with Disabilities

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English
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Date Issued: 8/2008 FINANCIAL ACCOUNTING FOR NEW JERSEY PRIVATE SCHOOLS FOR STUDENTS WITH DISABILITIES THE AUDIT PROGRAM 2007-2008 SCHOOL YEAR NEW JERSEY STATE DEPARTMENT OF EDUCATION DIVISION OF FINANCE P.O. BOX 500 TRENTON, NEW JERSEY 08625-0500 LUCILLE E. DAVY COMMISSIONER OF EDUCATION KATHERINE P. ATTWOOD ASSISTANT COMMISSIONER DIVISION OF FINANCE Date Issued: 8/2008 STATE BOARD OF EDUCATION JOSEPHINE E. HERNANDEZ ………………………………………. Union President ARCELIO APONTE ……….……………………………………… …Middlesex Vice President RONALD K. BUTCHER …………………………………………….. Gloucester KATHLEEN A. DIETZ ……………………………………………. ….Somerset DEBRA ECKERT-CASHA…………………………………………... Morris EDITHE FULTON ……………………………………………………Ocean ERNEST P. LEPORE ……..………………………….………………. Hudson FLORENCE MCGINN……………………………………………..…Hunterdon KENNETH J. PARKER ………………………………………………Camden DOROTHY STRICKLAND………………………………………..…Essex Lucille E. Davy, Commissioner Secretary, State Board of Education Date Issued: 8/2008 FINANCIAL ACCOUNTING FOR NEW JERSEY PRIVATE SCHOOLS FOR STUDENTS WITH DISABILITIES THE AUDIT PROGRAM CONTENTS Page I. Digest of the Private Schools for Students with Disabilities Audit Laws N-1 to N-3 II. Directives to the Private School’s Governing Body N-4 to N-11 Budget N-4 Bookkeeping Records N-5 Petty Cash Fund N-6 Student Body ...

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Nombre de lectures 14
Langue English

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Date Issued: 8/2008
FINANCIAL ACCOUNTING FOR
NEW JERSEY PRIVATE SCHOOLS
FOR STUDENTS WITH DISABILITIES
THE AUDIT PROGRAM
2007-2008 SCHOOL YEAR
NEW JERSEY
STATE DEPARTMENT OF EDUCATION
DIVISION OF FINANCE
P.O. BOX 500
TRENTON, NEW JERSEY
08625-0500
LUCILLE E. DAVY
COMMISSIONER OF EDUCATION
KATHERINE P. ATTWOOD
ASSISTANT COMMISSIONER
DIVISION OF FINANCE
Date Issued: 8/2008
STATE BOARD OF EDUCATION
JOSEPHINE E. HERNANDEZ ………………………………………. Union
President
ARCELIO APONTE ……….……………………………………… …Middlesex
Vice President
RONALD K. BUTCHER …………………………………………….. Gloucester
KATHLEEN A. DIETZ ……………………………………………. ….Somerset
DEBRA ECKERT-CASHA…………………………………………... Morris
EDITHE FULTON ……………………………………………………Ocean
ERNEST P. LEPORE ……..………………………….………………. Hudson
FLORENCE MCGINN……………………………………………..…Hunterdon
KENNETH J. PARKER ………………………………………………Camden
DOROTHY STRICKLAND………………………………………..…Essex
Lucille E. Davy, Commissioner
Secretary, State Board of Education
Date Issued: 8/2008
FINANCIAL ACCOUNTING FOR
NEW JERSEY PRIVATE SCHOOLS
FOR STUDENTS WITH DISABILITIES
THE AUDIT PROGRAM
CONTENTS
Page
I. Digest of the Private Schools for Students with Disabilities Audit Laws
N-1 to N-3
II. Directives to the Private School’s Governing Body
N-4 to N-11
Budget
N-4
Bookkeeping Records
N-5
Petty Cash Fund
N-6
Student Body Activity Funds
N-6
Rules of Professional Conduct
N-7
Cooperation With the Auditor
N-8
Hearing on Audit
N-10
III. Private School for Students with Disabilities Bookkeeping
N-12 to N-26
Private Placement Services
N-12
Funds - Restricted and Unrestricted
N-13
Fund Accounting for Non-Profit Organizations
N-14
Modified Fund Accounting for Profit-Making Organizations
N-15
Fixed Asset Accounting
N-16
Cash Receipts Journal
N-18
Cash Disbursements Journal
N-20
General Ledger
N-20
Tuition Ledger
N-22
Fixed Asset Inventory
N-23
New Jersey School Register
N-23
O
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h
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r
R
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c
o
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s
N
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2
5
IV. Scope of Funds to be Audited
N-27 to N-28
Scope of Funds to be Audited
N-27
Organizations Under the Auspices of the School
N-27
Fund Raising in Schools by Outside Organizations
N-27
Funds Belonging to Outside Organizations
N-28
Funds of Teacher Organizations and Parent Teacher Units
N-28
Funds Collected by Teachers
N-28
Date Issued: 8/2008
Page
V. Conducting the Private School Audit
N-29 to N-87
Special Purpose/Component Financial Statements
N-29
School’s Governing Body Minute Records
N-30
Budgets
N-31
Revenues and Receipts
N-31
T
u
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t
i
o
n
N
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3
1
Expenditures
N-32
Non-Allowable Costs
N-36
Statement of Expenditures by Line Item
N-55
Statement of Total Expenditures
N-62
Statement of Percentages for Cost Category Assignments
N-63
Statement of Enrollment
N-64
Statement of Tuition Rate Computation Parts I & II
N-66
Statement of Tuition Rate Computation - Working Capital
N-68
Statement of Tuition Rate Computation
- Surcharge
N-70
Statement of Extraordinary Services – Expenditures by Line Item
N-71
Statement of Extraordinary Services – Tuition Rate Computation
N-71
Statement of Billing Adjustment
N-72
Statement of Non-Allowable Costs
N-75
Statement of Food Service
N-76
Statement of Interest/Dividends Earned – Investment
of Tuition Funds
N-76
Early Intervention Program
N-78
Revenues, Expenses, Fund Balances and Retained Earnings
N-78
Statement of Accruals and Accounts Payable
N-79
State of NJ Singe Audit Act
N-80
B
a
l
a
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S
h
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t
N
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8
1
Reporting Requirements for Non-Profit Organizations
N-81
Notes to Financial Statements
N-82
Recommendations
N-85
Audit Summary Worksheet
N-86
Listing of Common Non-Compliance Errors in 2006-2007
N-86
VI. Sample of Audit Report - Profit
P-1 to
P -40
VII. Sample of Audit Report - Nonprofit
NP-1 to NP-47
APPENDIX A
- N.J.A.C. 6A:23-4.1 through 4.16
APPENDIX B
- Chart of Accounts for Private Schools for Students with Disabilities.
APPENDIX B-1
- Narrative Explanation of the Chart of Accounts for Private Schools.
Date Issued: 8/2008
APPENDIX C
- Private Schools for Students with Disabilities Financial Report Prescribed by
the Department of Education.
APPENDIX D
- Department of Education Mandated “Tuition Contract” for the Ten Month
School Year and the Extended School Year.
APPENDIX E
- Cost of Meals and Hotel Accommodations.
APPENDIX F
- Optional Department of Education Prescribed Employee Time Record
Format.
APPENDIX G
- Addresses - County Offices of Education.
APPENDIX H
- State OMB Circular Letter 04-05 (refer to
www.state.nj.us/treasury/omb
).
APPENDIX I
- Maximum Salaries for 2007-2008.
APPENDIX J
- 2007-2008 Tentative Tuition Rates for Private Schools for Students with Disabilities.
APPENDIX K
- Approval for 2007-2008 Tentative Tuition Rates for Private Schools for
Students with Disabilities, Based on Appeal.
APPENDIX L
- 2007-2008 Tentative Tuition Rates for New Private Schools for Students with
Disabilities.
APPENDIX M
- Private Schools in Session Less Than the Required 180 Days of Instruction.
APPENDIX N
- Recognized Position Titles.
APPENDIX O
- Private Schools for Students with Disabilities - Auditor Independence in
Accordance with N.J.A.C. 6A:23-4.9(a).
APPENDIX P
- Prescribed Cost of Ownership Format For Related Party Transactions.
APPENDIX Q
- Federal OMB Circular A-133 refer to
(http://gaqc.aicpa.org/Resources/Illustrative+Auditors+Reports/).
APPENDIX R
- Private Schools for Students with Disabilities Receiving Child Nutrition
Funds for 2007-2008.
APPENDIX S
- Audit Summary Worksheet.
Date Issued: 8/2008
APPENDIX T
- T-1 Cost Category Assignments - Calculation of Non-allowable Costs -
Excess Administration Percentage.
T-2 Cost Category Assignments - Calculation of Non-allowable Costs -
Deficient Instruction Percentage.
T-3 Cost Category Assignments - Calculation of Non-allowable Costs -
Excess Administration and Deficient Instruction Percentages.
APPENDIX U
- Prescribed Mileage Format for School-Owned or Leased Vehicles.
APPENDIX V
- School District Code Listing.
The 2007-2008 complete update to “Financial Accounting for New Jersey Private Schools for
Students with Disabilities – The Audit Program” is
available on the Department of Education’s
website at www.state.nj.us/education.
Under the pull down “Overview of DOE Programs”, click
on “Finance.”
Under the “Division of Finance” homepage, click on “
Private Schools for
Students with Disabilities
” under the heading “Most Requested Items” which is on the right side
of the page.
Click on 2007-2008 Update to Financial Accounting for New Jersey
Private
Schools for Students with Disabilities
– The Audit Program.
If you would like to order a complete copy of this manual, please call Publications and
Distribution Services at (609) 984-0905
.
JV/esw:G:\Elise\Audit Programs\2007-2008 Audit Program\Audit Narrative\ Audit Program Cover Pages 2007-2008.doc
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