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Financial Management (FM)
Assessment Documentation Format
Standards for the Improvement of Pupil Services, Safety and Achievement
Date Legal Standards Code
Citation
Source(s) &
Documentation
Health &
Safety Issues
Project Leader

Standard
Implemented
Fully Partially Not
  FM.L1 The district adopts an annual budget and adheres to all statutory timelines. EC 42103              
  FM.L2 The district uses the California School Accounting Manual. EC 41010              
  FM.L3 The Interim Financial Reports are completed and filed in a timely manner. EC 42130              
  FM.L4 The district commissions an annual audit and addresses audit findings. EC 41020              
  FM.L5 Generally Accepted Accounting Practices (GAAP) are in place. EC 41010              
  FM.L6 The district complies with the bidding requirements of the Public Contract Code. PCC 20111              
  FM.L7 The district is in compliance with payroll procedures utilized by the Los Angeles County Office of Education. EC 42646              
  FM.L8 The governing board adopts policies and procedures to ensure compliance regarding how student body organizations deposit, invest, spend, raise and audit student body funds. EC 48930-48938              
  FM.L9 Proper supervision of all student body funds shall be provided by the board. EC 48937              
  FM.L10 Vending machine operations are subject to policies and regulations set by the State Board of Education. All contracts specifying these should reflect these policies and regulations. An adequate system of inventory control should also exist. EC 48931              
  FM.L11 Comply with public disclosure laws of fiscal obligations related to health and welfare benefits for retirees, self-insured workers compensation, and collective bargaining agreements. GC 3540.2, 3547.5, EC 42142              
  FM.L12 Quality control reviews have occurred for districts receiving an emergency apportionment. EC 14504.2              
  FM.L13 The governing board must review and approve, at a public meeting and on a quarterly basis, the district's investment policy. GC 53646              

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