FINANCIAL
SERVICES
Accounting - District
Account Types
The
accounts of the District are organized
on the basis of funds and account groups,
each of which is considered a separate
accounting entity. The operations of each fund
are accounted for with a separate set of
self-balancing accounts that comprise its
assets, liabilities, fund equity, revenues
and expenditures, as appropriate.
Government
resources are allocated to and accounted
for in individual funds based upon the
purposes for which they are to be spent
and the means by which spending activities
are controlled. The various funds are grouped
into seven generic fund types and three
broad fund categories as follows:
Governmental
Fund Types:
General Fund: The General
Fund of the District is used
to account for all financial
resources except those required
to be accounted for in another
fund. All property taxes, intergovernmental
revenues, charges for services,
education finance act revenues,
and miscellaneous revenues are
recorded in this fund except
amounts which are specifically
collected to service debt or
for which the District collects
funds in a fiduciary capacity.
Operational expenditures for
general instruction, support
services, general administration
and other departments of the
District are paid through the
General Fund.
Special Revenue Fund: The Special Revenue Fund accounts
for financial transactions of the various special projects in
which the District participates. All special projects supported
in whole or in part with federal, state and local resources are
accounted for in this Fund. The Education Improvement Act (EIA)
of 1984 required a new addition to the Special Revenue Fund.
The purpose of the EIA, in general, is to provide additional
funding to local school districts for the purpose of raising
academic standards by providing for, among other special
purposes, basic skills remediation, teacher salary increases,
modernization of vocational equipment and instructional facilities.
Debt Service Fund: The Debt Service Fund is used to account
for the accumulation of resources for, and the payment of, general
long-term debt principal, interest and related costs on
bonded indebtedness of the District. The primary financing source
for the Fund is county property taxes.
Capital Projects Fund: The Capital Projects Fund is used
to account for financial transactions relating to the construction,
renovation or improvement of buildings and facilities, the
purchase and installation of related equipment, and the acquisition
of land except for those financed in the enterprise fund. These
activities are generally financed through the issuance of
general obligation bonds.
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Proprietary
Fund Types:
The Proprietary Fund Type is used to account for the District's ongoing
activities which are similar to those often found in the private sector.
The measurement focus is upon economic resources and the determination
of net income.
Enterprise Fund: The Enterprise Fund is used to account
for operations (a) that are financed and operated in a manner
similar to private business enterprises - where the intent
of the District is that the costs (expenses, including depreciation)
of providing goods or services to the general public on a continuing
basis be financed or recovered primarily through use charges;
or (b) where the District has decided that periodic determination
of revenues earned, expenses incurred, and/or net income is appropriate for
capital maintenance, public policy, management control, accountability,
or other purposes. The Student Nutrition Services Fund is the
District's only enterprise fund and is used to account for
the USDA approved school breakfast and lunch programs.
Internal Service Funds: The Internal Service
Funds are used to account for the financing of goods and services
provided by one department or agency to other departments
or agencies of the District. When services are rendered, charges
are made to the users and revenue is accumulated in the Internal
Service Funds to cover cost of operations. The District
has three such funds: Warehouse Services, Motor Pool Services
and Print Shop Services. These funds account for the financing
of goods and services provided by one department to other
departments on a cost reimbursement basis. The Warehouse Services
Fund is used to account for services provided to the District
by the Central Warehousing System. The Motor Pool Services Fund
provides labor, materials and equipment repairs on motor vehicles
throughout the District.
The Print Shop Services Fund is used to account for printing services
provided to departments and schools within the District by the District's
Print Shop.
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Fiduciary
Fund Type:
Agency Fund: Agency Fund
accounts for financial transactions
relating to the individual schools.
These funds have no equity (assets
are equal to liabilities) and
do not include revenues
and expenditures for general
operation of the District. This
accounting reflects the agency
relationship of the District
with the student activity organizations.
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Student
Activity Funds
Student Activity Funds consist of monies received by the schools to be
expended for the benefit of students in accordance with District Policy.
The responsibility of safeguarding, accounting, and managing Student
Activity Funds is assigned to the applicable school’s principal.
The
Executive Director of Financial Services
is responsible for the design of the
accounting system and the implementing
of guidelines and procedures. However,
the principal remains accountable for all
activities of the Student Activity
Fund.
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Property
Accounting
Property denotes the accounting process that maintains records on assets
with continued use or possession. Furniture, durable equipment, land/buildings,
vehicles, etc. are forms of fixed assets. School Districts need
to be concerned about these accounts in order to provide replacement
data to assist management decisions, to maintain inventory records
for insurance purposes and to monitor capital expenses for jointly funded
programs.
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