2026 Year-End Readiness Panel (Recording)-2026 Year-End Readiness Panel

Video Transcription

Video Summary

The webinar opened with panelists from an ESD, a school district, OSPI, and the State Auditor’s Office discussing year-end close strategies for school districts. The main themes were staying organized, reconciling accounts, managing grants, and preparing for audits early rather than rushing in the final weeks.<br /><br />Michelle emphasized using detailed checklists, reconciling cash monthly, and testing year-end close procedures in July. Jeanette focused heavily on grant closeout, strong documentation for journal entries, and keeping backup materials detailed enough that someone else could understand them later. Paul highlighted balancing accounts, reviewing budget status, tracking AP and warrants, correcting enrollment counts, and completing CFA work before filing the F-196. Sarah explained that audit-ready districts know where to find supporting documents, understand unusual transactions, and can quickly explain their entries.<br /><br />The panel also discussed common compliance issues, especially federal grants, time and effort documentation, procurement and suspension/debarment checks, ASB controls, and enrollment reporting. Sarah noted that many findings arise when districts move payroll costs to grants without proper documentation. The group also reviewed how districts should respond to mistakes: fix them early if possible, notify auditors, and contact OSPI or the State Auditor’s Office for help.<br /><br />A later segment addressed compensated absence changes and GASB 101, with panelists stressing documentation, clear data, and use of available tools. The session closed by encouraging districts to seek help, use checklists, document processes, and keep year-end preparation active throughout the year.

Keywords

year-end close

school district accounting

account reconciliation

grant closeout

audit preparation

documentation

federal grant compliance

journal entries

enrollment reporting

GASB 101