Comprehensive Annual Financial Report for the fiscal year ended June 30, 2007, (CAFR):
(Adobe Acrobat format)

• Complete Report
• Introductory Section 
• Financial Section
• Statistical Section

Public School Activity Funds Financial Statement
Fiscal Year ending June 30, 2007

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Lisa Thorne

Chief Accountant

(703) 791.7428

Accounting is responsible for maintenance of the financial accounting records of Prince William County Public School (PWCPS) in accordance with Generally Accepted Accounting Principles (GAAP).  In addition to this, Accounting is responsible for:

• Oversight and coordination of audit and year-end reporting

• Maintenance of Advantage Financial (AFIN)
• Payments to vendors not related to the direct payment of employees
• Year-end tax reporting
• Maintenance of the fixed asset systems
• Collections of revenues
• Reconciliation of AFIN to other financial systems including Performance, Trak1, and Advantage HR (AHRS)
• Monthly reporting both external and internal
• Cash reconciliations
• Guidance to school and central administrators with regard to accounting practices
• Participation in the year-end financial audit and preparation of the PWCPS CAFR
• Ad Hoc analysis and review of appropriated fund and activity fund accounts and accounting procedures
• Review and guidance to PWCPS with regard to changes in Generally Accepted Accounting Principles (GAAP) as they affect Prince William County Schools

Accounts Receivable is responsible for the receipt of all Federal, State, and Local Revenues and works closely with Accounting and Budget to insure proper receipt and posting of these revenues.  Accounts Receivable also participates in the preparation of year-end reporting including CAFR preparation and the preparation of the Annual School Report.

Accounts Receivable Specialist:

Karen Myers             (703) 791.8761

Accounts Payable is responsible for processing all disbursements, except payroll, for the Prince William County Public Schools.  Accounts Payable works closely with the Purchasing Department and the Bookkeepers in the schools to ensure timely and accurate payment to employees and vendors. Currently, check runs occur every Tuesday and Thursday.  Invoices received by Tuesday will be processed and paid by Thursday, and invoices received by Thursday will be processed and paid by the following Tuesday.

The Accounts Payable staff is responsible for issuing 1099s and maintaining the fixed asset system.

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Rev. 5/29/08