The Financial Balance Sheet report provides a snapshot of 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 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 Balance Sheet reports:
Last updated 3/2016
Exploring the Financial Balance Sheet report can answer questions like:
Is my district running a fund deficit?
Select the Balance Sheet Detail subtab. Select your district under Edit Report/Find Location. Under Report Settings, choose a school year; Fund Type - All Funds. Click View Results. If your district is running a fund deficit, a yellow bar will run the length of the difference between the asset and liability bars.
How can I easily see the difference between my district’s assets, liabilities, and fund balance at a more detailed level?
Under the Balance Sheet Detail subtab, select a specific Fund Type in that you would like to see in Report Settings. On the Snapshot, the small vertical black bar denotes last year’s respective dollar count, while the horizontal bars reflect this year’s dollar count.
The Financial Balance Sheet report summarizes a district’s assets, liabilities, and fund balance for a fiscal year and shows historical trends across the five most recent fiscal years. The Balance Sheet Summary shows General Funds, while the Balance Sheet Detail allows users to drill into more specific fund types.
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. The Appendix - Definitions of Account Codes is a useful reference.
You can select and compare data at different entity levels: statewide, by intermediate school district (ISD), or by school district. A public school academy/charter school is considered a school district.
A school fiscal year runs July 1 through June 30.
Includes assets, liabilities, and fund balance totals. The Balance Sheet can be viewed by General Fund type in the Balance Sheet Summary and by specific Fund Type in the Balance Sheet Detail.
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.
Alert! You must choose valid Report Settings to view data.
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