Section 50.08 - Reporting(1)Annual Report. An educational collaborative shall prepare an annual report. Upon approval by the collaborative board of directors and no later than January 1st of each year, the annual report for the preceding fiscal year shall be submitted to the chair of each member district and the Commissioner. The collaborative shall make the annual report available on its website. The format and content of the annual report shall be presented in accordance with guidelines established by the Department, and shall include, at a minimum, the following information:(a) information on the programs and services provided by the collaborative;(b) discussion of the cost-effectiveness of such programs and services;(c) progress made toward achieving the objectives and purposes set forth by the collaborative; and(d) audited financial statements and the independent auditor's report in accordance with 603 CMR 50.08(2).(2)Audit Report. An educational collaborative shall submit an annual independent audit report to the collaborative board of directors for discussion and approval. Upon approval by the collaborative board of directors and no later than January 1st of each year, the annual audit report for the preceding fiscal year shall be submitted to the chair of each member district, the Commissioner and the State Auditor. The collaborative shall make the audit report available on its website. The Department, in consultation with the State Auditor, may establish standards for financial reporting and for supplemental statements to accompany the audit report, as needed. The audit report shall be presented in accordance with generally accepted government auditing standards and additional guidelines as may be established by the Department. The audited financial statements, accompanying notes, and supplemental schedules shall also disclose: (a) transactions between the educational collaborative and any related for-profit or non profit organization;(b) transactions or contracts related to the purchase, sale, rental, or lease of real property;(c) the names, duties, and total compensation of the five most highly compensated employees;(d) the amounts expended on administration and overhead;(e) any accounts held by the collaborative that may be spent at the discretion of another person or entity; and(f) the amounts expended on services for individuals with disabilities, 22 years of age or older.(3)Reporting to Other Agencies. An educational collaborative that provides social service programs as defined in M.G.L. c. 7, § 22N shall adhere to the uniform system of financial accounting, allocation, reporting and auditing requirements of the Massachusetts Executive Office of Administration and Finance, Operational Services Division (OSD).(4)Other Information and Reports. An educational collaborative shall file such other student, program, financial and staffing information, reports or documents as the Department deems necessary.Amended by Mass Register Issue 1428, eff. 10/16/2020.