Can I collect financial information from participants in Wisconsin? What are the requirements?

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Collecting Financial Information from Participants in Wisconsin

If you are a school or educational institution participating in the Wisconsin Parental Choice Program, you may need to collect financial information from participants. The requirements for collecting financial information are outlined in several documents, including WIAC PI 48.14, WIAC PI 35.14, and WIAC PI 49.04.

According to these documents, schools participating in the Wisconsin Parental Choice Program must collect financial information from participants in order to receive funding. The financial information collected must include anticipated enrollments, estimated total revenues and costs, a schedule of anticipated beginning and ending net assets, and a schedule of monthly cash flows. Additionally, schools must provide a statement of whether they have any past due amounts, interest, or penalties due to the U.S. internal revenue service, the Wisconsin department of workforce development, or the Wisconsin department of revenue.

Requirements for Collecting Financial Information

The requirements for collecting financial information from participants in Wisconsin are as follows:

1. By May 1 of the school year immediately preceding the first school year in which a first time participant intends to participate in the choice program, a first time participant shall participate in a fiscal management training program approved by the department and provide the requirements under sub. (3) or (4).
2. A school that selects the budget and cash flow report option shall submit to the department a budget and cash flow report, on a form provided by the department, for the following school year that contains all of the following:
3. Anticipated enrollments for all pupils enrolled in the school.
4. Anticipated enrollments for choice program pupils.
5. Estimated total revenues and costs.
6. Estimated amounts required under s. PI 48.10 (3) (a).
7. A schedule of anticipated beginning and ending net assets.
8. A schedule of monthly cash flows.
9. Anticipated beginning and ending reserve balance.
10. The contingent funding sources the school will use if actual enrollments are less than expected and evidence of the availability of the funding sources.
11. A statement of whether the school has any past due amounts, interest, or penalties due to the U.S. internal revenue service, the Wisconsin department of workforce development, or the Wisconsin department of revenue.
12. A school that selects the surety bond option shall annually submit a bond payable to the state of Wisconsin equal to 25 percent of the initial expected payment until the school meets all of the requirements in sub. (7).
13. A first time participant shall file with the department a certificate of insurance or other evidence of having obtained the required insurance under s. PI 48.13 (7) and the fidelity bond under s. PI 48.13 (11).

Conclusion

In summary, schools participating in the Wisconsin Parental Choice Program must collect financial information from participants in order to receive funding. The requirements for collecting financial information include participating in a fiscal management training program, submitting a budget and cash flow report, submitting a bond payable to the state of Wisconsin, and filing a certificate of insurance or other evidence of having obtained the required insurance and fidelity bond. For more information, please refer to WIAC PI 48.14, WIAC PI 35.14, and WIAC PI 49.04.

Jurisdiction

Wisconsin

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