School district accounts shall be maintained in conformity with the state prescribed Uniform System of Accounts for School Districts.

Expenditures shall be budgeted and charged to categories that most accurately describe the purpose for which monies are to be spent.

The financial status of the district shall be reported monthly to the Board of Education by the District Treasurer.

The Board shall annually appoint a qualified independent auditor to review and audit the financial transactions of the district. The Superintendent of Schools shall ensure the provisions of the General Municipal Law concerning audits are followed.

The annual audit reports and the Superintendent’s response to all audit findings shall be reviewed by the Board. Once the audit report is accepted by the Board, it shall be filed with the Commissioner of Education. Therefore, a summary statement of financial condition shall be published in the newspaper of record for the district.

Adopted: February 26, 1996