Audit Filing Deadlines
Charter schools in the State of Texas have June 30th and August 31st fiscal year ends to coincide with the funding period of grants of federal funds.
The Texas Education Agency (TEA) requires audited annual financial reports to be submitted to the applicable agencies within 150 days of fiscal year end and no extension when the date falls on a holiday or weekend. The AFR is also not required to be submitted earlier.
Therefore, you need to retain a CPA firm as soon as possible to assure completion and submission of audited annual financial and compliance report (AFR) within the deadlines. Typically, we recommend you retain an auditor at least 6 months before your year end.
The following table shows the due dates for different fiscal year calendars:
|If A District’s Fiscal Year Ends On||Then The AFR Is Due To TEA On Or Before|
|August 31st||January 28th|
|June 30th||November 27th|
Each year, this is November 27th for June 30 fiscal year ends and January 28th for August 31 fiscal year ends. The audit must be certified by the auditor and approved by the governing body prior to submission. Also, most grantor agencies have filing requirements. Similarly, many debt issues have continuing disclosure requirements which normally require financial statements to be filed with the repository within six months of the fiscal year end.
Charter schools are required by the Office of Management and Budget (OMB) Circular A-133 to file annual financial reports, single audit reports, and the data collection form by the earlier of 30 days after the date of the audit report or nine months after the fiscal year end under audit.