SCHOOL DISTRICT BASIC FINANCIAL STATEMENTS PUBLISHED
by Amy Hendricks - Treasurer/Director of Operations
November 23, 2009
The Basic Financial Statements of the Vermilion Local School District have been published for the Fiscal Year July 1, 2008 to June 30, 2009. They are available for review at the following link: View Financial Report
According to Ohio guidelines, the daily accounting and monthly financial reports for a school district are done on a cash basis. This is much like an individual would manage their personal checkbook. You record money when it is deposited in to your account, and deduct it when you write the checks to pay your bills.
This cash reporting could lead to an inaccurate picture of a schools financial condition. A business prepares financial reports in a way that not only shows the cash in the bank, but also the value of the assets (buildings, equipment, inventory) and liabilities (loans, unpaid bills, etc.) to determine financial condition. In recent years, Ohio initiated the requirement for school districts to prepare annual financial statements using the business method to prepare financial statements at the end of each fiscal year (June 30).
Any questions related to these Basic Financial Statements may be referred to Amy L. Hendricks, Treasurer, at ahendricks@vermilionschools.org.
