The State of Texas requires independent financial audits to be performed annually for community colleges.
Community colleges in the State of Texas have August 31 fiscal year ends to coincide with the fiscal year ends of the State and the Texas Higher Education Coordinating Board (an agency of the State of Texas).
Audit Filing Deadline
The State of Texas requires audited annual financial reports to be submitted to the applicable agencies by January 1 each year. The audit must be certified by the auditor but does not need to be approved by the governing board prior to submission. Also, most grantor agencies have filing requirements. Similarly, many debt issues have continuing disclosure requirements which normally require financial statements to be filed with the repository within six months of the fiscal year end. Community colleges are required by the Office of Management and Budget (OMB) Circular A-133 to file annual financial reports, single audit reports, and the data collection form by the earlier of 30 days after the issuance date of the audit report or nine months after the fiscal year end under audit. Due to the State’s annual financial reporting deadline of January 1, community colleges will have a filing due date of no later than January 31.