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 may include, but will not be limited to, the following:
Governmental fund type:
- General fund
- Special revenue fund
- Management levy fund
- Public education and recreation levy fund
- Student activity fund
- Capital projects fund
- Physical plant and equipment levy fund
- Secure and Advanced Vision for Education (SAVE)
- Debt service fund
Proprietary fund type:
1.Enterprise fund
a.School nutrition fund
b.Child care fund
c.Internal service fund
d.Community education
e.Preschool (nonvoluntary, state)
Fiduciary funds:
- Trust or agency funds
- Expendable trust funds
- Nonexpendable trust funds
- Agency funds
- Pension trust funds
Non-Fiduciary Scholarship Fund
Account groups:
- General capital assets account group
- 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 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.
It is the responsibility of the superintendent in conjunction with the school business official to implement this policy and bring necessary changes in the maintenance of the school district’s financial records to the attention of the board.
Approved: September 29, 2015
Revised/Reviewed: April 22, 2024