Get Tiered System Of Financial Reporting For Local Public Bodies

Filling out the TIERED SYSTEM OF FINANCIAL REPORTING FOR LOCAL PUBLIC BODIES is essential for local public bodies to determine their reporting requirements and the necessary independent public accountant services needed. This guide provides clear, step-by-step instructions to assist you in completing the form accurately.

Follow the steps to complete your financial reporting form effectively.

1. Press the ‘Get Form’ button to access the form and open it in your document editor.
2. Begin by determining whether the incorporated municipality associated with a housing authority should include or exclude this authority when filling out the form. Check the appropriate box that applies to your municipality based on your organization structure.
3. Next, evaluate the expenditures of federal funds by checking the relevant box that applies to your local public body. This will guide whether the tiered system applies based on the amount spent and auditing requirements.
4. Then, provide your local public body's total revenues for the applicable fiscal year. Ensure to exclude capital outlay funds, federal, or private grants when reporting the total revenue.
5. Continue to analyze your institution's revenue and capital outlay expenditures. Document the total capital outlay award and the expenditures for that award, as this information is vital for determining which tier your local public body falls under.
6. Finally, based on the information from the previous steps, check the appropriate tier box that corresponds to your revenue calculation and requirements for obtaining professional services. Complete the certification if applicable to indicate that your local public body meets the tier conditions.
7. After completing the form, ensure to save your changes, and you will have the options to download, print, or share the completed document as needed.

Take action now and complete your financial reporting form online to ensure compliance and proper accounting practices.