{"data":{"id":"us-va/8vac20-671-220","jurisdiction":"us-va","citation":"8VAC20-671-220","heading":"Fiscal accountability","body":"A. The licensee shall prepare at the end of each fiscal year:\n\n1. An operating statement to include a month-to-month accounting of revenue and expenses for the fiscal year just ended;\n\n2. A working budget showing projected revenue and expenses for the next fiscal year that gives evidence of sufficient funds to operate; and\n\n3. A balance sheet showing assets and liabilities for the fiscal year just ended.\n\nB. There shall be a system of financial recordkeeping that shows a separation of the school's accounts from all other records.\n\nC. There shall be written policies and procedures that address the day-to-day handling of the school's funds.\n\nD. The  department reserves the right to call for one of these two types of statements:\n\n1. An audited financial statement certified by an outside independent certified public accountant in accordance with standards established by the American Institute of Certified Public Accountants; or\n\n2. A financial statement that has been reviewed by an outside independent certified public accountant in accordance with principles established for reviews by the American Institute of Certified Public Accountants.","path":["Title 8. Education","Agency 20. State Board of Education","Chapter 671. Regulations Governing the Operation of Private Schools for Students with Disabilities"],"source_url":"https://law.lis.virginia.gov/admincode/title8/agency20/chapter671/section220/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:47:45Z","sha256":"b07821838dac0ee9cba4e9851bee4138acff0beda82d38f23caaf0031fcf8271","source_id":"us-va-vac","stale":false,"prev":"us-va/8vac20-671-210","next":"us-va/8vac20-671-230"},"notice":"GroundRules: Original legal text. Not legal advice."}