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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| SENATE BILL |
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| INTRODUCED BY BROWNE, PICCOLA, BOSCOLA, ROBBINS, YAW, ORIE, EARLL, KASUNIC, BAKER, RAFFERTY, PILEGGI, WOZNIAK, GREENLEAF, FOLMER, M. WHITE, WAUGH, MUSTO AND FERLO, FEBRUARY 19, 2009 |
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| REFERRED TO EDUCATION, FEBRUARY 19, 2009 |
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| AN ACT |
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1 | Amending the act of March 10, 1949 (P.L.30, No.14), entitled "An |
2 | act relating to the public school system, including certain |
3 | provisions applicable as well to private and parochial |
4 | schools; amending, revising, consolidating and changing the |
5 | laws relating thereto," further providing for reports to |
6 | Department of Education and for financial reports. |
7 | The General Assembly of the Commonwealth of Pennsylvania |
8 | hereby enacts as follows: |
9 | Section 1. Section 218 of the act of March 10, 1949 (P.L.30, |
10 | No.14), known as the Public School Code of 1949, added May 10, |
11 | 2000 (P.L.44, No.16), is amended to read: |
12 | Section 218. Reports to Department of Education.--All |
13 | financial accounting and reporting by school districts to the |
14 | Department of Education shall be in accordance with generally |
15 | accepted accounting and reporting standards[.], except for the |
16 | annual financial report. The Department of Education shall |
17 | establish a reporting standard for the annual financial report. |
18 | The standard shall conform to fund level reporting criteria |
19 | only. Entity-wide statements, management discussions and |
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1 | analyses and notes to the financial statements shall not be a |
2 | required component of the annual financial report. |
3 | Section 2. Section 921-A of the act, amended July 11, 2006 |
4 | (P.L.1092, No.114), is amended to read: |
5 | Section 921-A. Financial Reports.--An annual financial |
6 | report shall be submitted to the Secretary of Education by each |
7 | intermediate unit not later than the 31st day of October, |
8 | together with an auditor's report prepared by an independent |
9 | auditor who shall be a certified public accountant or other |
10 | competent public accountant. All financial accounting and |
11 | reporting by intermediate units to the Department of Education |
12 | shall be in accordance with generally accepted accounting and |
13 | reporting standards[.], except for the annual financial report. |
14 | The Department of Education shall establish a reporting standard |
15 | for the annual financial report. The standard shall conform to |
16 | fund level reporting criteria only. Entity-wide statements, |
17 | management discussions and analyses and notes to the financial |
18 | statements shall not be a required component of the annual |
19 | financial report. |
20 | Section 3. This act shall take effect immediately. |
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