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Division of Financial Reporting

The Division of Financial Reporting is responsible for preparing various financial, statistical, and other accounting reports for the school district. In addition to performing risk management duties and supporting accounting internal controls, we manage grants and oversee accounting for the MCPS Educational Foundation.

Accounting

  • We prepare IRS Form 990 for the Employee Benefits Plan (EBP), and IRS Forms 720 & 945 for MCPS.

  • We provide accounting services for the MCPS Educational Foundation, a 501(c)(3) corporation.

  • We coordinate system cash, including the Centralized Investment Fund (CIF), and for capital projects. 

  • We perform various month-end processes, bank reconciliations, and accounting transactions, including for the EBP, and insurance recovery.

Audits

  • Our division works with external auditors annually to audit our financial statements, in addition to the annual OMB Single Audit.

  • We support the work of other audits performed by MCPS's Internal Audit Unit, or county, state and federal auditors.

  • School audits performed by the MCPS Internal Audit Unit can be found here.

  • Fraud, Waste, and Abuse can be reported anonymously.

Grants Management

  • Our grants accountant manages over 60 federal, state, and other grants.

  • This work includes monthly and annual financial reporting of grant expenditures to MSDE using their financial reporting software. 

  • When a grant closes, we submit the final reporting to MSDE.

  • The Division of Management and Budget provides technical assistance to MCPS personnel seeking grant opportunities.

Reporting

  • Our division prepares financial statements, statistical reports, and other accounting reports for the school district.

  • We are responsible for completing the MSDE Annual Financial Report, the MCPS Annual Comprehensive Financial Report, and the annual MCPS Indirect Cost Calculation Report.

  • We prepare the Cost-Per-Pupil Report, which is required by the Every Student Succeeds Act.

Risk Management

  • Our division is responsible for risk management duties, including processing claims and insurance recovery. A web page is coming soon with detailed information.

  • Contact us at RiskManagement@mcpsmd.org with questions, or to submit forms to our risk management specialist. 

Resources

  • On June 26, 2024, the Association of School Business Officials International (ASBO) awarded MCPS the ASBO Certificate of Excellence in Financial Reporting for our Annual Comprehensive Financial Report (ACFR) for FY 2023.

  • On May 31, 2024, the Government Finance Officers Association of the United States and Canada awarded MCPS with their Certificate of Achievement for Excellence in Financial Reporting for our FY 2023 ACFR.