Financial records of the District are 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 will include, but not be limited to the following:
Governmental fund type:
• Management levy fund
• Public education and recreation levy fund
• Student activity fund
• Physical plant and equipment levy fund
Proprietary fund type:
• School nutrition fund
• Child care fund
Fiduciary funds:
• Expendable trust funds
• Nonexpendable trust funds
• Agency funds
• Pension trust funds
Account groups:
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 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 District on behalf of, or in trust for, another entity. The account groups are the accounting records for fixed assets and long-term debt.
Approved: 1997-1998
Reviewed: FY 2016-2017, December 19, 2016
Revised: 02/24/17