The Financial Balance Sheet report provides a snapshot a district's assets and liabilities for a given school year. The Balance Sheet Detail shows assets and liabilities based on a given fund or funds.
These data provide important insights about how districts' assets and liabilities. This report can be used to view, analyze, and compare balance sheet data across districts, school years, and the state. At a glance, you can see whether the district's assets outweigh its liabilities. If its liabilities outweigh assets, it means that the district is running a fund deficit, which may be an indicator of financial distress.
Finances can be complex, so use caution when forming conclusions. For example, a district may be running a deficit in certain funds, but if you take into account all of their funds added together, their fund balance may be fine.
There are two different Balance Sheet reports:
Exploring the Financial Balance Sheet report can answer questions like:
Last updated 3/2016
Financial statements of school districts in Michigan are prepared in conformity with U.S. Generally Accepted Accounting Principles (GAAP) for government units. These standards, which are accounting rules used to prepare, present, and report financial statements, are established by the Governmental Accounting Standards Board (GASB).
The Michigan Public School Accounting Manual serves as the guide to uniform classification and recording of accounting transactions for public school districts. For a better understanding of the classifications, categories and definitions used by districts and found in this report, refer to the manual at the Department of Education's website. Its appendix, Definitions of Account Codes, is a useful reference.
The Center for Educational Performance and Information (CEPI) collected the data used to compile this report. The database used is CEPI's Financial Information Database (FID). Details about this data collection can be found on the FID Web page.
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