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GAAP-Specific Units

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Vicki Urbanik, CPA, CGFM

House Enrolled Act 1009, enacted in 2017, amended Indiana Code 5-1-11.5 to require certain units to file annual financial reports in accordance with generally accepted accounting principles (GAAP) in order to issue new bonds. Effective in 2019, this requirement applies to:

  • School Corporations with official student enrollment counts of more than fifteen thousand students (15,000)
  • Counties with populations of more than one hundred thousand (100,000)
  • Municipalities (township, city, town) with populations of more than seventy-five thousand (75,000)

Per SBOA Amended State Examiner Directive 2016-1, once financial statements are reported in a GAAP format following the Governmental Accounting Standards Board (GASB), all future year’s reporting must continue to be in a GASB format.

GAAP Deadlines

Units preparing financial statements in accordance with generally accepted accounting principles are reminded of the following deadlines for submitting financial statements and audit reports:

Annual Financial Report (AFR) – AFR upload to Gateway sixty days after the close of the fiscal year; by Aug. 29 (schools) and by Feb. 29 (all other units)

Annual Comprehensive Financial Report (ACFR) – Upload to Gateway ninety days after the close of the fiscal year, by April 1

GAAP financial statements (counties, cities, special districts, utilities, schools) – Upload to Gateway five months following the close of the fiscal year by Nov. 30 (schools) and by May 31 (all other units)

Federal Audit Clearinghouse submission deadline (all units except schools) – Sept. 30

Federal Audit Clearinghouse submission deadline (schools only) – March. 31

Effective July 1, 2017, IC 5-11-5-1.5 (House Bill 1031) went into effect that requires entities audited by the SBOA to submit a Corrective Action Plan for any noncompliance issues that have been repeated from prior reports.

We have created the following guidelines and FAQs in regards to this: 1031 Guidelines

If you need to submit a CAP, please click here.

CAP Template - This is a template of the CAP for your reference, but please remember, you have to submit it online via the link above. For any modifications that are requested by the SBOA, we will contact the submitter via email.

CAP Instructions

Please submit any questions you have related to this process to CAP@sboa.in.gov.

Standards

Indiana Code 5-11-1-27(e) provides that, through the compliance guidelines authorized under IC 5-11-1-24, the state board of accounts shall define the acceptable minimum level of internal control standards for internal control systems of political subdivisions, including the following: (1) Control Environment. (2) Risk Assessment. (3) Control Activities. (4) Information and Communication. (5) Monitoring.

In response, the SBOA developed the Uniform Internal Control Standards for Indiana Political Subdivisions manual, which contains the acceptable minimum level of internal control standards.

Generally Accepted Government Auditing Standards (the "Yellow Book") prohibits the SBOA from prescribing the actual internal control procedures to be used by a political subdivision. However, the manual provides examples and case studies to demonstrate implementation strategies.

Internal Control Policy and Required Certifications

After June 30, 2016, IC 5-11-1-27(g) provides that the legislative body of each political subdivision must adopt the minimum internal control standards as defined by SBOA. Additionally, the legislative body must ensure that personnel receive training concerning the internal control standards and procedures adopted by the political subdivision.

At the time of submission of the Annual Financial Report (AFR) through Gateway, the fiscal officer must certify that the minimum internal control standards have been adopted and that personnel who are not otherwise on leave status have received training regarding these standards and procedures. Instructions for filing will be found as part of the AFR submission.

Apart from the required certification to be filed by the fiscal officer in Gateway during the submission of the 2016 AFR due March 1, 2017(or August 29, 2017 for Schools)], a certification for each elected official, appointee, and employee that meets the definition of personnel in IC 5-11-1-27(c), should be signed as evidence for their individual training. A certification form is provided below and can also be found under the Appendix found in the Uniform Internal Control Standards for Indiana Political Subdivisions manual. These certifications are to be maintained by the political subdivision on-site.

Certification Form

Training

Indiana Code 5-11-1-27(f) provides that the SBOA develop or designate approved personnel training materials concerning internal controls.

The SBOA has developed and is providing the following training materials on internal controls:

The SBOA has designated the following training materials on internal controls:

In addition, the SBOA recognizes that political subdivisions may find appropriate internal control training materials on their own initiative. So, the following training materials may be designated:

  • Materials identified and submitted by political subdivisions, which are approved by the SBOA and/or posted on the SBOA's website. Please contact Debbie Gibson at (317) 232-2512 for further information.
  • The following entities have training materials that have been approved for use in lieu of the State Board of Accounts webinar.
    • Central Indiana Education Service Center (CIESC)
    • Safe Schools
    • Scenario Learning
    • Global Compliance Network
Other Information

Form 7

This is a form that our agency may provide to you at the beginning of (or before) an engagement. This form allows us to gain a better understanding of your internal control structure and helps us in the planning of our engagement. There are sections on this form that may not be applicable to your unit.

To search for Indiana Codes, please follow this link: https://iga.in.gov/laws/2025/ic/titles/1
Compensation and Benefits red drop down
Deposit and Investment of Funds red drop down
Public Purchasing Law red drop down
Purchase of Land or Structures red drop down
Public Works Law red drop down
Lease and Lease-Purchasing red drop down
Disposal of Property red drop down
Disposal of Personal Property red drop down
Public Proceedings red drop down
Public Records red drop down
Home Rule red drop down
Conflicts of Interest red drop down
Interlocal Cooperation and Agreements red drop down
Public-Private Agreements red drop down
Other Miscellaneous red drop down

Government Accounting Standards Board

Government Accounting Research System

GASB 68 information from INPRS

Indiana GAAP reporting units

Listed in the table below are the Indiana counties, cities, and school corporations that are statutorily required to prepare financial statements following GAAP. Other units voluntarily prepare GAAP statements. To view audited financial reports for all units, see the “Audit Reports” section on the SBOA’s home page and click “Search Reports.”

CountiesCitiesSchools
Allen Bloomington Carmel Clay Schools
Clark Carmel Evansville Vanderburgh School Corp
Delaware Evansville Fort Wayne Community School Corporation
Elkhart Fishers Muncie Community
Hamilton Fort Wayne MSD Lawrence
Hendricks Hammond Perry Township
Johnson Indianapolis South Bend Community Schools
Lake South Bend Indianapolis Public Schools
LaPorte   MSD Wayne Township
Madison   Hamilton Southeastern
Marion   
Monroe   
Porter   
St. Joseph   
Tippecanoe   
Vanderburgh   
Vigo 

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Per Statute, the Township Trustee is responsible for submitting the AFR not later than sixty days after the close of the fiscal year. If you do not have a Gateway account, please email Gateway@sboa.in.gov to request one.

If you would like to request access for someone else, please complete the Limited Delegation of Authority form.

If you have any questions, email our help desk at gateway@sboa.in.gov

Gateway Annual Financial Report Resources

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Per Statute, the Township Trustee is responsible for submitting the 100R by January 31 each year. The Executive Officer may delegate the submission to the Fiscal Officer. If you do not have a Gateway account, please complete the form here to request one.

If you would like to request access for someone else, please complete the Limited Delegation of Authority form.

If you have any questions, email our help desk at gateway@sboa.in.gov.

Gateway 100R Resources

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As an agency, we have evaluated our policies and procedures to provide a more efficient and cost effective audit process to governmental units. Advancements in technology allow us to streamline our processes and do more monitoring, planning, and audit work prior to coming on site. In order to continue to be as efficient as possible with our processes and procedures, we have developed a new Gateway Application Titled Monthly and Annual Engagement Uploads (Uploads). Within this application, we will be asking for some files to be uploaded monthly and some files to be uploaded annually. For more information, please see State Examiner Directive 2018-1.

If you do not have a Gateway account, please complete the form here to request one.

If you would like to request access for someone else, please complete the Limited Delegation of Authority form.

If you have any questions, email our help desk at gateway@sboa.in.gov.

Gateway Upload Application Resources

Pursuant to IC 5-11-1-27(j), all political subdivisions are required to report to us all erroneous or irregular material variances, losses, shortages, or thefts of local funds or property. For the purposes of this IC section, material is defined by the State Examiner in State Examiner Directive 2015_6. Please use the following form to report this information to us. All fields are required.

Click Here To Make a Report