PI 35.12(6)(a)(a) The auditing firm that is engaged by a school to complete the audits and agreed upon procedure reports under this chapter or s. 119.23, Stats., shall be licensed as a certified public accounting firm by the accounting examining board under ch. 442, Stats.

PI 35.12(6)(b)(b) The individual auditor who signs the engagement letter for the audits and agreed upon procedure reports under this chapter or s. 119.23, Stats., shall be a licensed certified public accountant by the accounting examining board under ch. 442, Stats.

PI 35.12(7)(a)(a) The department may bar an auditor who fails to timely and properly fulfill the auditing and reporting requirements of this chapter or s. 119.23, Stats.

PI 35.12(7)(b)(b) An auditor who is barred under par. (a) shall not complete accounting, auditing, or other reporting requirements for any school participating in a program under ss. 115.7915, 118.60, and 119.23, Stats., until such time as the auditor submits to the department evidence acceptable to the department that the auditor has made procedural changes to the manner in which the auditor conducts an audit and has successfully completed professional development training that will enable the auditor to comply with the requirements of this chapter, chs. PI 48 and 49, and ss. 115.7915, 118.60, and 119.23, Stats.

PI 35.12 HistoryHistory: CR 16-004: cr. Register July 2016 No. 727, eff. 8-1-16; correction in (3), (7) (b) made under s. 35.17, Stats., Register July 2016 No. 727; correction in (7) (a) made under s. 35.17, Stats., Register December 2016 No. 732; CR 19-120: am. (5) Register May 2020 No. 773, eff. 6-1-20.

PI 35.13(1)(1) Financial accounting system. A school participating in the choice program shall use a double entry financial accounting system organized in a manner that enables preparation of the audit under ss. PI 35.09 and 35.10 and contains any other information necessary to fiscally manage the school. The accounting system shall identify all sources of funding a school uses in the school’s operation. The accounting system shall identify all of the following if the school receives revenue from the specified source:

PI 35.13(1)(a)(a) Revenue from pupils participating in the choice program.

PI 35.13(1)(b)(b) Revenue from parents or other privately paid tuition pupils.

PI 35.13(1)(c)(c) Revenue from the school district in which the school is located for instruction of pupils enrolled in the school.

PI 35.13(1)(d)(d) Revenue from the school district in which the school is located for transportation of the school’s pupils.

PI 35.13(1)(e)(e) Revenue from federal, state, and local governments.

PI 35.13(2)(a)(a) Annually by June 30, a budget for the following school year that contains all of the following:

PI 35.13(2)(a)6.6. Identification of the contingent funding sources the school will use should actual enrollments be less than expected.

PI 35.13(2)(b)(b) If a school’s actual third Friday in September enrollment for all pupils or for choice program pupils varies by 20 percent or 20 pupils, whichever is less, from the anticipated enrollments the school used in the budget required under par. (a), the school shall, annually by November 1, complete a revised budget containing all of the following:

PI 35.13(2)(b)1.1. The information required in par. (a) that reflects revenues resulting from the school’s actual third Friday in September enrollment.

PI 35.13(2)(b)2.2. Any other required budget changes related to the change in revenues resulting from the school’s actual third Friday in September enrollment.

PI 35.13(3)(3) Expense payment. A school shall pay in full all of the following as required by the written agreement or, if there is no written agreement, within 90 days of the receipt of the invoice or payment request:

PI 35.13(3)(a)(a) Amounts owed to vendors.

PI 35.13(3)(b)(b) Reimbursements to employees and other persons for expenses incurred on behalf of the school. A school may only reimburse an employee or other person if the employee or other person submits receipts supporting the reimbursement to the school and the request for reimbursement is made within the time period specified in the school’s written policy for reimbursement. The school shall retain a record of all reimbursements, including supporting receipts.