What should be included in a certified financial statement for a school?

A certified financial statement for a school must include information on assets and liabilities because this documentation provides a clear snapshot of the school’s financial health. The statement shows not only what the school owns (assets such as cash, property, and equipment) but also what it owes (liabilities such as loans and other debts). This information is crucial for understanding the overall financial position of the institution and is essential for stakeholders, including regulators, potential students, and investors.

Including details about assets and liabilities enables transparent financial reporting and assists in evaluating the school’s ability to meet its obligations and invest in future growth. This aspect is foundational in financial accounting and is key for compliance with laws and regulations that govern educational institutions.