The State of Texas requires independent financial audits to be performed annually for charter schools.
Charter schools in the State of Texas have June 30 and August 31 fiscal year ends to coincide with the funding period of grants of federal funds.
Audit Filing Deadline
The Texas Education Agency requires audited annual financial reports to be submitted to the applicable agencies within 150 days of fiscal year end. Each year, this is November 27 for June 30 fiscal year ends and January 28 for August 31 fiscal year ends. The audit must be certified by the auditor and approved by the governing body prior to submission. Also, most grantor agencies have filing requirements. Similarly, many debt issues have continuing disclosure requirements which normally require financial statements to be filed with the repository within six months of the fiscal year end. Charter schools are required by the Office of Management and Budget (OMB) Circular A-133 to file annual financial reports, single audit reports, and the data collection form by the earlier of 30 days after the date of the audit report or nine months after the fiscal year end under audit.