What are the common responsibilities of a PSA to the Michigan Department of Education as they relate to financial reporting?
a. A “PSA” is required to follow a common fiscal year. That year begins July 1 and ends June 30 of the following calendar year. (Michigan Administrative Rules Relating to Education, 1989, R340.852) b. A “PSA” is required to follow Generally Accepted Accounting Principles for Governmental Entities. The Michigan School Accounting Manual addresses many of these and should be used as a reference. Specific questions related to school accounting issues may be directed to Glenda Rader at (517) 335-0524. c. A “PSA” is required to follow a uniform chart of accounts. That chart of accounts is found in the Michigan School Accounting Manual. The Revised School Code, PA291 of 1995, section 1281c, requires the Michigan Department of Education to: Prescribe appropriate uniform pupil and finance accounting records for use in school districts, public school academies, and intermediate school districts, and promulgate rules for their adoption. In addition, Michigan Administrative Rules Relating to Educa
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