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PI 49.09(1)(1) Eligible education and learning expenses. The eligible education expenses included in the financial audit supplemental schedule candlestick comply with every one of the following:
PI 49.09(1)(a)(a) default education expenses may only incorporate those costs that currently have or will an outcome in a cash disbursement.

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PI 49.09(1)(b)1.1. In a traditional financial audit, prices that are in the declare of activities, except for the price of land. The amount the the school paid for land candlestick be consisted of in the first year the soil is offered for educational programming making use of an allocation an approach under par. (d), if applicable.
PI 49.09(1)(b)2.2. In a modification financial audit, costs that would certainly be had in the declare of activities for the institution year based upon generally accepted audit principles except for the following:
PI 49.09(1)(b)2.a.a. The amount the the college paid for land candlestick be contained in the an initial year the floor is offered for education programming using an allocation technique under par. (d), if applicable.
PI 49.09(1)(b)2.b.b. Post-retirement benefits might be included as one eligible education and learning expense based on the lot expended for the post-retirement benefits in the institution year.
PI 49.09(1)(d)(d) If an expense or federal government assistance revenue is partially related to educational programming, the institution shall usage an allocation an approach to identify the portion that is concerned educational programming.
PI 49.09(1)(e)(e) The adhering to may not be contained in kindergarten v grade 12 eligible education and learning expenses:
PI 49.09(1)(e)2.2. Scholarship awards and financial assistance for pupils to attend the exclusive school, consisting of payments to parental or rather on instead of of pupils.
PI 49.09(1)(e)3.3. Daycare expenses except costs for before or after school care for kindergarten v grade 12 college student that are enrolled in educational programming at the school.
PI 49.09(1)(e)4.4. Costs for pupils who are enrolled in the public institution district and also attending the private school.
PI 49.09(2)(2) Auditor evaluation of eligible education and learning expenses. One auditor candlestick ensure the eligible education prices a school contained in the supplemental schedule comply through the demands under sub. (1) and s. PI 49.08 (1) (c).
PI 49.09(3)(3) Supplemental schedule calculations. The supplemental schedule chandelier calculate all of the following:
PI 49.09(3)(a)(a) network eligible education expenses incurred mainly for impairment scholarship routine pupils together follows:
PI 49.09(3)(a)1.1. Identify the quantity of primarily impairment scholarship routine expenses. The amount contained as an standard education expense shall be determined using one allocation method specifically regarded the price being allocated. This amount may not encompass costs consisted of as default in any kind of statements noted under s. PI 49.13 (7).
PI 49.09(3)(a)2.2. Subtract all federal government assistance profits received because that primarily handicap scholarship routine expenses.
PI 49.09(3)(a)3.b.b. The non-administrative fundraising expenses included in the costs in subd. 1. In this subdivision, governmental expenses include costs for college personnel, copying, mailing, or resolved assets offered for other school purposes.
PI 49.09(3)(a)4.4. Subtract all insurance proceeds obtained for primarily impairment scholarship regimen expenses.
PI 49.09(3)(b)1.1. Identify the lot of eligible education and learning expenses, excluding eligible education prices in par. (a) and costs had as standard in any type of statements noted under s. PI 49.13 (7) occurs in that institution year. If an price is consisted of under par. (a) that is not 100 percent related to special needs scholarship regimen pupils, the complete expense former to applying the allocation percentage shall be excluded under this subdivision.
PI 49.09(3)(b)2.2. Subtract all government assistance earnings received for eligible education and learning expenses. This amount shall not encompass government assistance revenues subtracted in par. (a) 2. Or in the statements noted under s. PI 49.13 (7).
PI 49.09(3)(b)3.b.b. The non-administrative fundraising expenses included in the costs in subd. 1. In this subdivision, bureaucratic expenses include expenses for school personnel, copying, mailing, or resolved assets supplied for other school purposes.
PI 49.09(3)(b)4.4. Subtract all insurance proceeds got for eligible education and learning expenses, not included eligible education costs in par. (a).
PI 49.09(3)(c)(c) The network eligible education prices for special needs scholarship program pupils as follows:
PI 49.09(3)(c)1.1. Calculation the percent of pupils at the institution participating in the impairment scholarship routine as the full time equivalent because that the impairment scholarship routine pupils contrasted to the every pupil permanent equivalent. The full time equivalents shall be based on the average of the full time equivalents determined in the enrollment audits under s. PI 49.07. The full-time equivalent for the impairment scholarship routine pupils chandelier exclude pupils that got a payment under s. PI 49.13 (7) in that college year.
PI 49.09(3)(c)3.3. Include the network eligible education prices under par. (a) and also costs contained as eligible in any kind of statements provided under s. PI 49.13 (7) occurs in that institution year.
PI 49.09(3)(c)4.4. Subtract federal government assistance revenue related to that school year the is subtracted in the statements listed under s. PI 49.13 (7).
PI 49.09(3)(d)1.1. Recognize the complete scholarships got for the institution year gift audited and any adjustments because that the school year under s. PI 49.07 (4). This amount shall include summer college revenue received under s. 115.7915 (4p), Stats., because that the instantly preceding summer.
PI 49.09(3)(e)(e) The school"s cash and also investment balance that need to be kept under sub. (4) together follows:
PI 49.09(3)(e)1.1. Identify the sum of any kind of remaining depreciation on addressed assets provided by the school and also any land purchases that have not however been had in eligible expense under sub. (1) (b) that meet the demands to be contained as an eligible education and learning expense. The depreciation under this subdivision chandelier not encompass depreciation for leased best of use assets.
PI 49.09(4)(4) Maintain reserve balance. The school shall keep the make reservation balance, if positive, because that future eligible education expenses for handicap scholarship routine pupils. The school"s cash and investment balance shall be at the very least as lot as the amount calculated under sub. (3) (e), if positive. If the school is participating in a regimen under s. 118.60 or 119.23, Stats., the cash and also investment balance shall be at the very least as lot as the reserve calculated under this chapter and also chs. PI 35 and also 48 less the sum of any remaining depreciation on solved assets used by the school and any soil purchases that have not however been included in eligible price under sub. (1) (b) that meet the requirements to be consisted of as one eligible education and learning expense. The depreciation under this subsection shall not include depreciation because that leased best of use assets.
PI 49.09(5)(a)(a) If a school ceases to take part or is barred native participation in the handicap scholarship program under s. 115.7915, Stats., that shall submit to the room the gaue won audit because that the final school year in which that participated. The net eligible education expenses under sub. (3) (c) chandelier be multiply by the percent of the institution year the institution participated in the impairment scholarship regime if the institution was no eligible for every one of the payment under s. PI 49.13. This percent shall it is in calculated as follows:
PI 49.09(5)(a)1.1. The net eligible education expenses shall be multiplied by 25 percent if the institution was just eligible for the September payment.
PI 49.09(5)(a)2.2. The net eligible education costs shall be multiply by 50 percent if the school was only eligible for the September and November payments.
PI 49.09(5)(a)3.3. The net eligible education expenses shall be multiply by 75 percent if the school was only eligible for the September, November, and also February payments.
PI 49.09(5)(b)(b) If a school falls short to submit the gaue won audit, the school"s network eligible education costs for the year candlestick be identified to it is in zero for objectives of determining the school"s make reservation balance.
PI 49.09(6)(6) Refund of the reserve. If a school ceases to get involved or is barred from participating in the impairment scholarship program under s. 115.7915, Stats., and the school"s make reservation is positive, the college shall refund the reserve balance come the room as stated under s. PI 49.13 (6).
PI 49.10(1)(1) Engagement letter. A college shall have actually a written engagement letter with each auditor giving services required by this chapter. The college or auditor shall carry out a copy of the engagement letter to the room upon request. The created engagement letter candlestick contain all of the following:
PI 49.10(1)(a)(a) A statement the the auditor candlestick comply through generally embraced auditing standards and the needs of this chapter.
PI 49.10(1)(b)(b) A statement the the auditor candlestick comply v generally embraced governmental auditing standards if various other governmental agencies offering funds come the school so require.
PI 49.10(1)(c)(c) The duties of the school and the auditor in conference the needs of this chapter.
PI 49.10(1)(d)(d) The services the auditor provides to the institution that space in addition to those audit and also attestation services compelled under this chapter.
PI 49.10(1)(e)(e) The auditor"s acknowledgement that the department will count on the auditor"s work to meet the department"s responsibilities under s. 115.7915, Stats., and this chapter.
PI 49.10(2)(2) Financial bookkeeping system. A institution shall usage a double entry financial accounting system organized in a manner that enables preparation that the financial audit and financial audit supplemental schedule. A institution shall balance the financial bookkeeping system and carry out the auditor through a attempt balance that the account balances.
PI 49.10(3)(3) Adjusting entries. Adjustments come the school"s attempt balance recommended by a school"s auditor candlestick be approved by the school before the entries are videotaped in the school"s financial accounting system.
PI 49.10(4)(4) Records retention. A institution shall retain every financial and also pupil records relating to the enrollment audits under s. PI 49.07 and also the audit required under ss. PI 49.08 and also PI 49.09 because that at least 5 years from the due day of the gaue won audit for each college year, uneven the room or a law enforcement agency requests that the college retain the records for much more than 5 years.
PI 49.10(5)(5) Records availability. A institution shall furnish all financial and also pupil documents the auditor considers important to provide the audit opinion or agreed top top procedure reports. Upon inquiry by the department, a institution shall provide the department accessibility and copies to the documents referenced in the auditor"s working papers.
PI 49.10(6)(6) School responsibility. One auditor"s fail to completely or properly carry out the responsibilities collection forth in s. 115.7915, Stats., or this chapter is not a defense to any determination the department makes under this chapter or s. 115.7915, Stats.
PI 49.10(7)(7) Auditor bar. A institution participating in the handicap scholarship program may not interact an auditor who the department bars under s. PI 35.12 (7), PI 48.12 (7), or PI 49.11 (7) till such time as the auditor provides proof acceptable to the department the the auditor has made procedural changes and also has efficiently completed professional advancement training that allows the auditor come comply with the demands of this chapter, chs. PI 35 and 48, and ss. 115.7915, 118.60, and also 119.23, Stats.
PI 49.11(1)(1) Independence requirements. An auditor involved by a institution to accomplish the demands under this chapter and also s. 115.7915, Stats., candlestick comply v the requirements of the American institute of Certified public Accountants, including all of following:
PI 49.11(1)(b)(b) one auditor shall achieve the school"s attempt balance if completing compilation or review services.
PI 49.11(1)(c)(c) except as provided in par. (d), an auditor may not short article or prepare for posting common reoccurring financial transactions to the school"s general ledger, consisting of cash receipts and also disbursements, invoices or billings because that services, billings native vendors and suppliers, and also payroll activity.
PI 49.11(1)(d)(d) one auditor shall attain written approval that the school"s management prior come posting adjusting, correcting, and closing newspaper entries to the school"s basic ledger. One auditor"s working files shall file evidence of management approval for all such entries resulting from a financial declare compilation, review, or audit.
PI 49.11(1)(e)(e) If an auditor assists in the preparation of a school"s budget, the auditor chandelier do all of the following:
PI 49.11(2)(2) Inquiries. One auditor shall promptly respond come inquiries or requests do by the department. The auditor shall inform the institution of any inquiries or requests do by the department and also the auditor"s response.
PI 49.11(3)(3) Working documents retention. An auditor shall maintain working records relating to the enrollment audits under s. PI 49.07 and the audit compelled under ss. PI 49.08 and 49.09 for at the very least 5 year from the due day of the financial audit for each school year, unless the department or a law enforcement company requests that the auditor retain working documents for much more than 5 years.
PI 49.11(4)(4) Working files review. One auditor shall allow the room to testimonial audit working files prepared in assistance of the enrollment audits under s. PI 49.07 and also the audit required under ss. PI 49.08 and also 49.09. One auditor candlestick promptly provide copies that working records the room requests.
PI 49.11(5)(5) Auditor peer evaluation reports. One auditor completing any type of of the audits and also agreed upon procedure reports under s. 115.7915, Stats., or this thing shall paper the auditors peer review required under s. 442.087, Stats., v the department within 30 days of the report issuance.
PI 49.11(6)(a)(a) The auditing firm the is engaged by a school to finish the audits and also agreed upon procedure reports under this chapter or s. 115.7915, Stats., shall be licensed as a certified public audit firm by the bookkeeping examining board under ch. 442, Stats.
PI 49.11(6)(b)(b) The individual auditor who indications the engagement letter because that the audits and agreed upon procedure reports under this chapter or s. 115.7915, Stats., shall be a licensed certified publicly accountant through the bookkeeping examining plank under ch. 442, Stats.
PI 49.11(7)(a)(a) The department may bar an auditor who falls short to timely and properly fulfill the auditing and reporting requirements of this chapter or s. 115.7915, Stats.
PI 49.11(7)(b)(b) an auditor who is ban under par. (a) chandelier not complete accounting, auditing, or various other reporting needs for any schools participating in the disability scholarship regime or in a routine under s. 118.60 or 119.23, Stats., till such time as every one of the following occur:
PI 49.11(7)(b)1.1. The auditor records with the department proof acceptable come the department that the auditor has made procedural transforms to the way in i m sorry the auditor conducts an audit.

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PI 49.11(7)(b)2.2. The auditor effectively completes professional development training that will enable the auditor to comply through the requirements of this chapter, chs. PI 35 and 48, and also ss. 115.7915, 118.60, and 119.23, Stats.
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Published under s. 35.93, Stats. Update on the an initial day of every month. Whole code is always current. The Register day on each web page is the date the chapter to be last published.