Year-End Readiness Panel (07.22.26)-Year-End Readiness Panel (07.22.26)

Video Transcription

Video Summary

The webinar opened the school finance year-end season by bringing together panelists from an ESD, a school district, OSPI, and the State Auditor’s Office to share practical advice on closing the fiscal year. The group emphasized that year-end success depends on planning early, using checklists, reconciling cash and other balance sheet accounts monthly, and documenting journal entries thoroughly enough that someone else could understand them later.<br /><br />From the district side, Michelle and Jeanette stressed that grants are a major year-end focus, especially making sure accruals, budget changes, and closeout claims are completed on time. They also recommended attaching source documents to unusual or high-risk journal entries and making as many controls system-based as possible to reduce human error. Paul highlighted common reporting issues such as inaccurate debt schedules, fund balance classifications, enrollment reporting errors, and incomplete SEFA preparation. He also encouraged districts to use indirect cost opportunities and review budget authority early.<br /><br />Sarah from the State Auditor’s Office said auditors can easily tell when a district has prepared throughout the year versus rushing at the end. She noted recurring findings in federal grants, time-and-effort documentation, suspension and debarment checks, procurement compliance, and ASB internal controls. She explained that findings are reported in audit reports and may also be communicated to OSPI and federal agencies.<br /><br />The panel also discussed the new compensated absence requirements, recommending that districts use available tools, keep strong documentation, and reach out for help early. Overall, the message was clear: stay organized, document everything, and treat year-end as a year-round process.

Keywords

school finance

year-end close

fiscal year planning

reconciliation

journal entries

grant compliance

audit findings

internal controls

SEFA preparation

compensated absence