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New SBOA reporting requirements

On June 12, 2018 the State Board of Accounts announced new reporting requirement for all governmental units.  The objective of the reporting requirement is to provide a more efficient and cost effective audit process by doing more monitoring, planning and audit work prior to coming on site. The new requirements, some of which are already required annually, are summarized as follows:

Required Monthly

  • Bank Reconcilements
  • Copy of Approved Board Minutes
  • Funds Ledger detailing receipts and disbursements by Fund

Required Annually

  • Year-end Bank Statements
  • Year-end Outstanding Check List
  • Year-end Investment Statement
  • Detail of Receipts and Disbursements for the Year
  • Salary Ordinance
  • Employee Earnings Records
  • Annual Vendor History Report

The new requirements will be effective for local units, with the exception of schools and counties, beginning July 2018 and July files will be required to be uploaded into Gateway no later than September 15, 2018.  Going forward the documents must be uploaded no later than the 15th of the second month following the month they are for.  Failure to upload the documents when they are due or in a timely manner may cause delays in completing the audit.

For more information on this topic, or to learn how Baker Tilly municipal specialists can help, contact our team.

Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and controlled subsidiary of Baker Tilly Advisory Group, LP. Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, operate under an alternative practice structure and are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm and provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firms. ©2024 Baker Tilly Municipal Advisors, LLC

Jeffrey P. Rowe
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