Minnesota school districts follow a structured annual audit and reporting timeline set by state law and guided by the Minnesota Department of Education (MDE) and Office of the State Auditor (OSA). Each district must complete an independent financial audit each fiscal year, based on generally accepted auditing standards, the Single Audit Act, and the Minnesota Legal Compliance Guide.
The key timing milestones are:
After submission, MDE compiles a Consolidated Financial Report summarizing the financial health of all districts.
In essence, Minnesota districts operate on a cyclical calendar: budget approval by June 30 → audit finalization by November 30 → audited data submission by December 31 → final adjustments by January 3 → statewide consolidation thereafter.
Find the recent financial reports for review below.
The key timing milestones are:
- By November 30 – Auditors must finalize the district’s audited UFARS (Uniform Financial Accounting & Reporting Standards) data and complete the Fiscal Compliance Table entries in MDE’s system.
- By December 31 – Districts must electronically submit the full audited financial statements—including management letters and an assurance statement on UFARS compliance—to both MDE and OSA
After submission, MDE compiles a Consolidated Financial Report summarizing the financial health of all districts.
In essence, Minnesota districts operate on a cyclical calendar: budget approval by June 30 → audit finalization by November 30 → audited data submission by December 31 → final adjustments by January 3 → statewide consolidation thereafter.
Find the recent financial reports for review below.