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SIA Financial Audit
As we continue to move through the implementation cycle for the Student Investment Account (SIA), you may recall that recipients are required to conduct a financial audit of the use of funds in accordance with the Municipal Audit Law. This Financial Audit is structurally designed to be embedded in the school district or eligible charter school’s annual municipal audit, and is similar to work performed for areas of high-risk in the State School Fund.
The first financial audit of SIA funds is to be conducted, presented to the governing body, and submitted to ODE by January 31, 2022. In an effort to support your workflow and processes, we have developed guidance for conducting the SIA Financial Audit as required by law. Additionally, municipal auditors will receive a copy of the Suggested Audit Procedures for the SIA Fund.
If you have any questions regarding the SIA Financial Audit, please reach out to Wei Keat Lui, SIA’s governmental auditor.
Summer Extension Grant Amendments
For grantees who requested a Summer Extension, please look for your Summer Extension Grant Amendment. Grant Amendments were released earlier today via Smartsheet, and should be in your email. Once received, please sign and return (via the Smartsheet link) as soon as possible so we can process them before the end of the biennium. As a reminder, these Grant Amendments do not need to go through your governing board process in order to be executed.
Please note that you will still need to claim 100% of your funds in EGMS by June 30, 2021. This extension does not impact your subgrant end date in EGMS, but allows you the opportunity to continue spending SIA dollars through September 2021.
Progress Reporting
Thank you again to those of you who have completed both Period 1 and Period 2 Progress Reports! We are excited to begin analyzing the data we’ve collected and sharing the story of the Student Investment Account. We will begin to pull data on June 14th, and would love to have your information included in this roll-up report. Please be sure to submit and/or complete all progress report revisions by June 11th in order to have your information included in the roll-up report!
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Please send any questions or comments to SIAInfo@state.or.us.
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