The article has been updated successfully.What amount should we reported if an employee’s compensation for the fiscal year has not been completely paid to an employee by the end of that fiscal year?
What amount should we reported if an employee’s compensation for the fiscal year has not been completely paid to an employee by the end of that fiscal year? For example, what if a person is paid on a year-round (12 month) contract, so that payments in the summer months cover work already completed in the previous fiscal year?
Report the total amount the employee has earned by June 30, regardless of whether or not the district or cooperative had disbursed the payment(s) by June 30. That is, if the person’s compensation was included in the Trustees’ Financial Summary (TFS) for the year (payments plus payables), it should also be reported on the Compensation Expenditure Report for the year.
By the time the Compensation Expenditures Report is due in October, the payments would all likely have been made for the employee’s work in the previous school year.
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Last Updated
1st of November, 2012
