PI 35.14(3)(a)8.b.b. Submit to the department statements or other correspondence from the government entity stating the amount the government entity claims is due, the amount in dispute, and nature of the amount due. PI 35.14 NoteNote: A budget and cash flow report form may be obtained at no charge from the Wisconsin department of public instruction’s webpage at http://dpi.wi.gov/sms/choice-programs. PI 35.14(4)(4) Bond Requirement. A school that selects the surety bond option shall annually submit a bond payable to the state of Wisconsin equal to 25 percent of the initial expected payment until the school meets all of the requirements in sub. (7). PI 35.14(5)(5) Revised bond. A school that submitted a bond under sub. (4) shall provide a revised bond if the difference between the initial expected payment and the revised expected payment is at least $50,000. The revised bond shall be equal to 25 percent of the revised expected payment. A school shall file the revised bond with the department by the first weekday in November. PI 35.14(6)(6) Bond call provisions. The department may call a bond submitted by a school under this section for any of the following reasons: PI 35.14(6)(c)(c) The school failed to timely refund the department the reserve balance as prescribed under s. 118.60 or 119.23, Stats., this chapter, or ch. PI 48. PI 35.14(6)(d)(d) The school failed to timely refund the department any other money owed to the department for any other reason under s. 118.60 or 119.23, Stats., this chapter, or ch. PI 48. PI 35.14(7)(7) Bond removal requirements. A school that selected the surety bond option the first school year it participated in the choice program must submit a bond by May 1 annually until all of the following apply: PI 35.14(7)(a)(a) The school provides a standard financial audit prepared at the consolidated level as required by generally accepted accounting principles that meets all of the following requirements: PI 35.14(7)(a)1.1. The financial statements are two-year comparative financial statements that include the audit of the full-year financial information for both school years. PI 35.14(7)(a)3.3. The net current obligation for both school years is positive. PI 35.14(7)(a)4.b.b. The change in net assets for both school years is greater than or equal to negative $25,000, the net asset balance for both school years is greater than $50,000, and the net current obligation for both school years is greater than $50,000. PI 35.14(7)(a)5.5. The school’s financial audit does not contain an emphasis of matter or an expression of the auditor’s doubt as to the school’s ability to continue as a going concern. PI 35.14(7)(b)(b) The school’s fiscal and internal control practices report for the most recent school year included in the financial audit in par. (a) and the subsequent school year, and any other information available to the department, indicates that the school has complied with all of the following: PI 35.14(7)(b)1.1. The school paid all amounts owed to the U.S. internal revenue service, Wisconsin department of revenue, and Wisconsin department of workforce development on a timely basis. This requirement shall not be considered met if the school had either of the following for the school years included in the financial audit in par. (a): PI 35.14(7)(b)1.a.a. Any wage claims with the Wisconsin department of workforce development. PI 35.14(7)(b)1.b.b. Any past due amounts, interest, and penalties with the U.S. internal revenue service, Wisconsin department of revenue, or Wisconsin department of workforce development. PI 35.14(7)(b)2.2. The school has paid all vendors as required by ss. PI 35.13 (3) and 48.13 (3). An amount in dispute shall not be an indicator that the school does not meet the requirements to remove the bond if all of the following are true: PI 35.14(7)(b)2.a.a. The school provided the department with written correspondence between the school and the vendor evidencing that the amount is in dispute. PI 35.14(7)(b)2.b.b. The school has sufficient cash available to pay the amount in dispute. PI 35.14(7)(b)2.c.c. The disputed amount is included in the financial audit as a current liability.