Nebraska Revised Statute 79-2123
Annual financial report; contents; audit; failure to file annual financial report; commissioner; duties.
(1) On or before January 31 of each year, each learning community coordinating council shall submit to the Commissioner of Education a report described as the annual financial report showing (a) the amount of money received from all sources during the year and the amount of money expended by the learning community during the year, (b) other information as necessary to fulfill the requirements of section 79-1241.03, and (c) such other information as the commissioner directs.
(2) The coordinating council of each learning community shall cause a complete and comprehensive annual audit to be made of the books, accounts, records, and affairs of the learning community. The audits shall be conducted annually, except that the Auditor of Public Accounts may determine an audit of less frequency to be appropriate, but not less than once in any three-year period. The coordinating council of each learning community may contract with the Auditor of Public Accounts or select a licensed public accountant or certified public accountant or firm of such accountants to conduct the audit and shall be responsible for the cost of the audit pursuant to the contract. Such audit shall be conducted in the same manner as audits of county officers. The original copy of the audit shall be filed in the office of the Auditor of Public Accounts.
(3) When any learning community coordinating council fails to submit its annual financial report by January 31, the commissioner shall, after notice to the learning community and an opportunity to be heard, direct that (a) any learning community funds granted pursuant to section 79-2103 and (b) core services and technology infrastructure funds granted pursuant to section 79-1241.03 be withheld until such time as the report is received by the State Department of Education. In addition, the commissioner shall direct the county treasurer of each county with territory in such learning community to withhold all levy receipts belonging to the learning community until such time as the commissioner notifies the county treasurer of receipt of such report. The county treasurer shall withhold such money.
(4) The State Department of Education may adopt and promulgate rules and regulations to carry out the purposes of this section.