HB 1304 Summary

• Authorizes the state board of accounts to audit public or private holding companies that lease school buildings to school corporations.

• Allows school corporations to contract with certified public accountants for annual financial audits subject to governing body rules.

• Requires lease agreements entered into or renewed after June 30, 2014, between school corporations and public holding companies to include an option allowing the school corporation to annually audit the lessor corporation by a certified public accountant, limited to the leased property and public funds relating to the lease.

• Requires lease agreements entered into or renewed after June 30, 2014, between school corporations and private holding companies to include the same annual audit option for the school corporation.

• Effective July 1, 2014.