Financial Reporting for State Compliance

Assigned To: Sarah Dungan

Category: School Life Cycle

Department: Compliance, Finance

SOP Rule: Cadence

Status: Approved by CEO and Implemented

Purpose

This SOP outlines the process for requesting and submitting financial documentation required by state regulators to maintain compliance.

Scope

Applies to all financial reporting requirements for state regulatory compliance, including CPA-reviewed, CPA-audited, and P&L statements.

Definitions

• Compliance Financial Reporting Calendar: Tracks state reporting deadlines
• Financials: Required financial documents for state submission
• CPA-Reviewed Financials: Reviewed but not audited statements
• CPA-Audited Financials: Fully audited financial statements
• P&L Statement: Summary of revenues, costs, and expenses

Responsibilities

• Compliance: Track deadlines, request financials, submit reports, maintain records
• Accounting: Prepare financial documents and ensure compliance with state requirements

Procedure

1. Monitor Deadlines

• Review compliance tracking sheet monthly
• Identify upcoming state reporting requirements

2. Request Financials

• Request required documents from Accounting based on deadlines
• Specify document type (CPA-reviewed, audited, or P&L)

3. Prepare Financials

• Accounting compiles required financial reports
• Ensure documents meet state-specific requirements

4. Submit Financials

• Compliance submits documents to state regulators
• Ensure submission meets deadline requirements

5. File and Record

• Store submitted documents for tracking and reference
• Update compliance tracking systems

Completion Criteria

• All required financials submitted on time
• Documents meet state requirements
• Records updated and stored properly

Tools and Resources

• Compliance Financial Reporting Calendar
• Financial Tracking Sheet
• Financial Documentation Repository

Revision History

• 1st Version: 03/12/25
• 2nd Version: TBD
• 3rd Version: TBD