Accounting Procedures Handbook

2 LEGAL AUTHORITY Board to collect the financial information. ED, §2-303 authorizes the State Superintendent to withhold funding if a school system violates the legal requirements identified in the laws, bylaws, and State Board rules and regulations. ED, § 5-111 prescribes a uniform method of reporting revenue, expenditures and balances of the operations and activities of the public schools. COMAR 13A.02.07 dictates the requirements associated with an annual audit of the financial statements of a Board of Education and the accompanying OMB A-133 audit of Federal Awards. The above cited specific guidance represents a select summary of key authoritative legal requirements and industry standards applicable directly or indirectly to Maryland local/ county boards of education. Refer to the Annotated Code of Maryland and other related documents as outlined at the top of page 2 of this section for additional background information and requirements/ standards as related to such authoritative legal guidance applicable to the WCBOE. This manual provides an overview of key procedures performed by or in conjunction with the WCBOE’s Business Support Services Department as related to compliance with legal/ regulatory authoritative guidance applicable to Maryland local education agencies (LEAs)/ boards of education. II. CONTROL OBJECTIVES The primary overall objectives of the Board of Education’s Business Support Services Department with regard to the aforementioned elements (and other related standards, laws, etc.) is to ensure accurate and timely performance of all accounting and financial reporting related functions in accordance with all applicable: • Legal/ regulatory requirements (federal/ state/ local); and • Generally accepted accounting principles/ standards III. REFERENCE DOCUMENTS AND SOURCES • The Annotated Code of Maryland, ED, §5-101 • The Annotated Code of Maryland, ED, §2-205 • The Annotated Code of Maryland, ED, §2-303 • The Annotated Code of Maryland, ED, §5-111 • Code of Maryland Regulations (COMAR) 13A.02.07 • OMB Circular A-133 Compliance Supplement 2016