SECTION 525.8. Compliance Contingencies

(a) An annual financial statement must be filed no later than 60 days after August 31 of each fiscal year.

(1) A District's funds will be considered out of compliance and placed on "hold" status if an annual financial statement is not received by the State Board by October 30 of each fiscal year.

(2) A District's funds will be placed on "hold" status if an annual financial statement has been received by the due date but the District has not corrected errors by December 31 of each fiscal year.

(b) An audit must be filed no later than 120 days after August 31 of each even numbered year.

(1) A District's funds will be considered out of compliance and placed on "hold" status if an audit is not received by the State Board by January 1 of each odd numbered year.

(2) A District's funds will be placed on "hold" status if an audit has been received by the due date but the District has not corrected errors by February 28 of odd numbered years.

(c) A compilation and review must be filed no later than 120 days after August 31 of each year.

(1) A District's funds will be considered out of compliance and placed on "hold" status if a compilation and review is not received by the State Board by January 1.

(2) A District's funds will be placed on "hold" status if the compilation and review has been received by the due date but the District has not corrected errors by February 28 of each fiscal year.

(d) A district's hold status will be removed upon becoming compliant, or the Executive Director, or designee, temporarily exempts the hold requirements on a district if it creates an undue hardship due to extenuating circumstances; such as, but not limited to natural disasters.

Source Note: The provisions of this §525.8 adopted to be effective June 30, 2002, 27 TexReg 5800; amended to be effective January 6, 2010, 35 TexReg 106; amended to be effective February 7, 2019, 44 TexReg 481