704 - Financial Records

Financial records of the District shall be maintained in accordance with generally accepted accounting principles (GAAP) as required or modified by law. District monies shall be received and expended from the appropriate fund and/or account. The funds and accounts of the District shall include, but not be limited to:

Governmental Fund Type:                                                        Fiduciary Funds:

 - General fund                                                                          - Trust or agency funds

 - Special revenue fund                                                                  --Expendable trust funds

      --Management levy fund                                                          --Nonexpendable trust funds

      --Physical plant and equipment levy fund                                --Agency funds

      --Public education and recreation levy fund                             --Pension trust funds

      --Student activity fund

  - Capital projects fund                                                             Account Groups:

 - Debt service fund                                                                    - General fixed assets account group

    --Sales tax fund                                                                      - General long-term debt account group

 

Proprietary Fund Type:

 - Enterprise fund

      --School nutrition fund

      --Child care fund

 - Internal service fund

 

As necessary the Board may, by Board resolution, create additional funds within the governmental, proprietary and fiduciary fund types.  The resolution shall state the type of fund, name of the fund and purpose of the fund.

The general fund is used primarily for the education program.  Special revenue funds are used to account for monies restricted to a specific use by law.  Proprietary funds account for operations of the District operated similarly to private business, and they account for the costs of providing goods and services provided by one department to other departments on a cost reimbursement basis.  Fiduciary funds are used to account for monies or assets held by the District on behalf of, or in trust for, another entity.  The account groups are the accounting records for fixed assets and long-term debt.

The Superintendent is responsible for implementing this policy and shall bring necessary changes needed to maintain the District’s financial records to the Board’s attention.

 

 

Approved:    September 2007
Reviewed:    October 2019