What are Step Up for Students Agreed Upon Procedures?
Florida law requires schools that receive educational scholarships from designated funding sources to complete annual Agreed Upon Procedures (AUP) if they reach the aggregate funding threshold of $250,000 awarded during the fiscal year from July 1 to June 30 of the next calendar year. To adhere to the regulatory requirements, the AUPs must be completed by a CPA firm licensed to conduct attest functions and have passed a current Peer Review.
What scholarship programs need to file AUPs?
Until recently, schools were only required to file an AUP if they received more than $250,000 from Step Up for Students scholarships. In 2019, Florida law changed the requirements so that any school receiving a combined $250,000 or more, from one, or combined scholarship programs must file an AUP. The most common scholarship funding programs are:
When do I need to complete my AUP?
Every February, Step Up for Students releases the requirements and guidelines for the AUP which are to be filed by September 15th of the corresponding year.
How do I prepare for an AUP?
To prepare for filing an AUP, you should review the list of accredited Florida Certified Public Accountants who are able to complete the reporting and select your CPA. As you receive funding, you should take extensive notes and have organized internal controls to ensure you have the necessary requirements need for your report.
Your AUP will assess the following areas of funding allocation from respective scholarships:
What happens if I incorrectly filed an AUP?
Schools who fail to follow the procedures established by the state must file Corrective Action Plans with or shortly after the submission of the AUP. Your CPA can assist in the recognition and missed requirements that you must report in your Corrective Action Plan, but the plan itself must be completed internally.
How ACM can help?
When choosing an independent CPA to complete your school’s Agreed Upon Procedures, you want someone with extensive experience and the in-depth knowledge of the specific reporting requirements for schools. Our team has years of experience completing 30 AUPs annually and diligently works to stay apprised of the new and updated reporting requirements that are rolled out every few years. Whether you are looking to complete your first AUP, looking for a new CPA to complete your AUP, or needing assistance and guidance completing Corrective Action Plans, we are confident we are best fit for your school.
For more information and to see how we can assist your school, contact us today!