Utah Admin. Code R277-113-6 - LEA Governing Board Fiscal Responsibilities
An LEA governing board shall have the following responsibilities:
(1) approve written
fiscal policies and procedures required by Section R277-113-5;
(2) ensure, considering guidance in
"Standards for Internal Control in the Federal Government," issued by the
Comptroller General of the United States or the "Internal Control Integrated
Framework," issued by the Committee of Sponsoring Organizations of the Treadway
Commission, that LEA administration establish, document, and maintain an
effective internal control system for the LEA;
(3) develop a process to regularly discuss
and review LEA:
(a) budget and financial
reporting practices;
(b) financial
statements and annual financial and program reports;
(c) financial position;
(d) expenditure of restricted funds to ensure
administration is complying with applicable laws, regulations, and award terms
and conditions; and
(e) systems and
software applications for compliance with financial and student privacy
laws;
(4) receive the
results of required annual audits from the external auditor in accordance with
Section R123-5-5;
(5) oversee
procurement processes in compliance with Title 63G, Chapter 6a, Utah
Procurement Code, and Rule R277-115, including:
(a) reviewing the scope and objectives of LEA
contracts or subawards with entities that provide business or educational
services; and
(b) receiving reports
regarding the compliance and performance of entities with contracts or
subawards;
(6) ensure
the procurement process for an external auditor is in compliance with Section
R123-5-4; and
(7) ensure LEA
administration implements sufficient internal controls over the functions of
entities with contracts or subawards to perform services on behalf of the
LEA.
Notes
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An LEA governing board shall have the following responsibilities:
(1) approve written fiscal policies and procedures required by Section R277-113-5;
(2) ensure, considering guidance in "Standards for Internal Control in the Federal Government," issued by the Comptroller General of the United States or the "Internal Control Integrated Framework," issued by the Committee of Sponsoring Organizations of the Treadway Commission, that LEA administration establish, document, and maintain an effective internal control system for the LEA;
(3) develop a process to regularly discuss and review LEA:
(a) budget and financial reporting practices;
(b) financial statements and annual financial and program reports;
(c) financial position;
(d) expenditure of restricted funds to ensure administration is complying with applicable laws, regulations, and award terms and conditions; and
(e) systems and software applications for compliance with financial and student privacy laws;
(4) receive the results of required annual audits from the external auditor in accordance with Section R123-5-5;
(5) oversee procurement processes in compliance with Title 63G, Chapter 6a, Utah Procurement Code, and Rule R277-115, including:
(a) reviewing the scope and objectives of LEA contracts or subawards with entities that provide business or educational services; and
(b) receiving reports regarding the compliance and performance of entities with contracts or subawards;
(6) ensure the procurement process for an external auditor is in compliance with Section R123-5-4;
(7) ensure LEA administration implements sufficient internal controls over the functions of entities with contracts or subawards to perform services on behalf of the LEA;