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February 28, 2014
Dear School Owner:
At the February, 2014 NACCAS Board of Commissioners meeting, the board
adopted effective immediately, the following changes:
1. Electronic Submission of
Financial Statements
Schools must have their
independent CPA submit their audited financial statements electronically to
NACCAS. Schools can create user profiles for their CPA’s through the member
login portal. There will be a $250 processing fee assessed for schools who fail
to submit their financial statements electronically. The $250 processing fee is
waived until June 30, 2014. The fee for late submission of audited financial
statements is not waived.
2. Regarding, Appendix #9 -
Change Of Control Categories and Requirements
Requirements General to
Categories 2 and 3
Section 1f:
A balance sheet for the
institution as of the effective date of the Change of Control (to be submitted
within 30 days after the effective date of the Change of Control, but prior
to the Commission’s approval), audited by an independent certified
public accountant on an accrual basis of accounting according to GAAP.
3. Notes to Audited
Financial Statements
The following calculation must
be included in the audit notes:
i.
Calculated Composite Score
ii.
Current Asset/Current Liability ratio
iii.
Tangible Net Worth
iv. Profit in the current audit
year, and the past 2 previous audit years
Who to ask….in Finance
Accounts Payable….Fortina
(Tina) Waltower, x146
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Vendor invoices
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Vendor payments
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Contractor/Consultant
invoices
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Contractor/Consultant
payments
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1099 Questions
Accounts Receivable…Lupeachra Davis, x131
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Invoices to
schools
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Schools account
payable/balances
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Payments applied
to school accounts
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Payment plans
Pre-Screener…..Jeanette Walker, x 114
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New candidate
applications
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Renewal candidate
application
·
Incomplete/returned
applications
General Accounting….Cynthia McKoy, x149
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General Ledger
inquiries
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Subsidiary ledger
inquiries
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Payroll questions
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Credit card
issues
Finance….Yetta L. Hughes, x132
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Finance
Operations
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Financial
Compliance/Audits
·
School Financial
Statements
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Standard VII
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