PI 48.09(3)(c)(c) The first year a school completes a standard financial audit for the choice program, the statement of activities and statement of cash flows may only include the current school year. PI 48.09(4)(a)(a) The modified financial audit shall include an audited one-year statement of financial position prepared as required by generally accepted accounting principles. PI 48.09(4)(b)(b) A school may submit a modified financial audit that includes a modified audit opinion due to post-retirement benefits being excluded from the statement of financial position. PI 48.09(5)(a)(a) Any letter issued under the American Institute of Certified Public Accountants Statement on Auditing Standards 114. PI 48.09(5)(b)(b) Any letter issued under the American Institute of Certified Public Accountants Statement on Auditing Standards 115. PI 48.09(5)(c)(c) Any other letter to management communicating significant deficiencies or material weaknesses in the internal controls. PI 48.09 HistoryHistory: EmR1608: emerg. cr. eff. 1-30-16; CR 16-006: cr. Register July 2016 No. 727, eff. 8-1-16; correction in (1) (a) made under s. 35.17, Stats., Register July 2016 No. 727; CR 19-121: r. and recr. (1), cr. (3) to (5) Register May 2020 No. 773, eff. 6-1-20. PI 48.10PI 48.10 Financial audit supplemental schedule. PI 48.10(1)(1) Eligible education expenses. The eligible education expenses included in the financial audit supplemental schedule shall comply with all of the following: PI 48.10(1)(a)(a) Eligible education expenses may only include those expenses that already have or will result in a cash disbursement. PI 48.10(1)(b)(b) Eligible education expenses may only include the following: PI 48.10(1)(b)1.1. In a standard financial audit, expenses that are in the statement of activities, except for the cost of land. The amount that the school paid for land shall be included in the first year the land is used for educational programming using an allocation method under par. (d), if applicable. PI 48.10(1)(b)2.2. In a modified financial audit, expenses that would be included in the statement of activities for the school year based on generally accepted accounting principles except for the following: PI 48.10(1)(b)2.a.a. The amount that the school paid for land shall be included in the first year the land is used for educational programming using an allocation method under par. (d), if applicable. PI 48.10(1)(b)2.b.b. Post-retirement benefits may be included as an eligible education expense based on the amount expended for the post-retirement benefits in the school year. PI 48.10(1)(c)(c) An expense may only be included as an eligible education expense one time. PI 48.10(1)(d)(d) If an expense or government assistance revenue is partially related to educational programming, the school shall use an allocation method to determine the portion that is related to educational programming. The allocation methods shall be included in the school’s policy established under s. PI 48.13 (5) (h). PI 48.10(1)(e)(e) The following may not be included in kindergarten through grade 12 eligible education expenses: PI 48.10(1)(e)2.2. Scholarship awards and financial support for pupils to attend the private school, including payments to parents or others on behalf of pupils. PI 48.10(1)(e)3.3. Daycare expenses except expenses for before or after school care for kindergarten through grade 12 pupils that are enrolled in educational programming at the school. PI 48.10(1)(e)5.5. Expenses for pupils who are enrolled in the public school district and attending the private school. PI 48.10(2)(2) Auditor review of eligible education expenses. An auditor shall ensure the eligible education expenses a school included in the supplemental schedule comply with the requirements under sub. (1), s. PI 48.09 (1) (c), and the policy established under s. PI 48.13 (5) (h). PI 48.10(3)(3) Supplemental schedule calculations. The supplemental schedule shall calculate all of the following: PI 48.10(3)(a)(a) Net eligible education expenses for all pupils as follows: PI 48.10(3)(a)1.1. Determine the amount of eligible education expenses. This amount shall not include special needs scholarship program excluded expenses.