Original Adopted Date: 10-13-03 Last Revised Date: 8-12-24 Last Reviewed Date: 8-12-24
Financial records of the school district are maintained in accordance with generally accepted accounting principles (GAAP) as required or modified by law. School district monies are received and expended from the appropriate fund and/or account. The funds and accounts of the school district will include, but not be limited to:
Governmental fund type:
1. General fund-This fund is the chief operating fund of the district. It is used to account for all financial resources except those accounted for and reported in another fund.
2. Special revenue fund-These funds account for the proceeds of specific revenue sources other than trusts or major capital projects, that are legally restricted or committed to expenditure for specified purposes other than debt service or capital projects.
Management levy fund
Physical plant and equipment levy fund
Public education and recreation levy fund
Student activity fund
3. Capital projects fund-These funds are used to account for financial resources to acquire or construct major capital facilities or other capital assets (other than those of proprietary funds and trust funds) and to account for revenues from SAVE.
4. Debt service fund-This fund is used to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest.
Proprietary fund type:These funds account for operations of the school district operated similar to private business for which a fee is charged to external users for goods or services, or they account for the costs of providing goods and services provided by one department to other departments on a cost reimbursement basis.
5. Enterprise fund
School nutrition fund
Child care fund
Alumni & Friends Fund
HS Coffee House Fund
Internal service fund
Fiduciary funds:These funds are used to account for monies or assets held by the school district on behalf of, or in trust for, another entity.
7. Trust or agency funds
Expendable trust funds
Nonexpendable trust funds
Agency funds
Pension trust funds
Account groups:The groups are the accounting records for capital assets and long-term debt.
8. General fixed assets account group
9. General long-term debt account group
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 school district operated similar 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 school district on behalf of, or in trust for, another entity. The account groups are the accounting records for fixed assets and long-term debt.
It is the responsibility of the superintendent to implement this policy and bring necessary changes in the maintenance of the school district's financial records to the attention of the board.
Legal Reference: Iowa Code §§ 11.23; 298A.
Cross Reference: 704 Revenue
705 Expenditures