701 FINANCIAL ACCOUNT SYSTEM

701.1 DEPOSITORY OF FUNDS

Each year at its annual meeting, the board will designate by resolution the name and location of the Iowa located financial depository institution or institutions to serve as the official school district depository or depositories.  The maximum deposit amount to be kept in the depository will be stated in the resolution.  The amount stated in the resolution must be for all depositories and include all of the school district's funds.

It is the responsibility of the board secretary to include the resolution in the minutes of the meeting.

 

 

 

 

 

Legal Reference:         

Iowa Code §§ 279.33

 

 

Cross Reference:        

210.1   Annual Meeting

206.4   Treasurer [or 206.3, Secretary-Treasurer]

704.1   Local - State - Federal - Miscellaneous Revenue

 

 

Approved July 2000                           

Reviewed November 2022          

Revised                   

 

701.2 TRANSFER OF FUNDS

When the necessity for a fund has ceased to exist, the balance may be transferred to another fund or account by board resolution.  School district monies received without a designated purpose may be transferred in this manner.  School district monies received for a specific purpose or upon vote of the people may only be transferred, by board resolution when the purpose for which the monies were received has been completed.  Voter approval is required to transfer monies to the general fund from the capital projects fund and debt service fund.

If all requirements for district use of funds calculated under the teacher leadership supplement are met and funds remain unexpended and unobligated at the end of the fiscal year, the district may transfer all or a portion of remaining funds into the district’s flexibility account in accordance with law.

The district may choose to request approval from the School Budget Review Committee to transfer funds to make a program whole, prior to its elimination.

Temporary transfers (loans) of funds are permitted between funds but must be repaid to the originating fund, with interest, by Oct. 1 following the end of the fiscal year.

It is the responsibility of the board secretary to make recommendations to the board regarding transfers and to provide the documentation justifying the transfer.

 

 

 

 

 

 

 

 

 

Legal Reference:    Iowa Code §§ 24.21-.22; 257.10, 279.8; 279.42; 298A.
    289 I.A.C. 6

Cross Reference:    701.3    Financial Records
    703    Budget
    704.2    Sale of Bonds

Approved                       Reviewed     November 2022                   Revised         July 2021        

 

701.3 FINANCIAL RECORDS

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:

  • General fund
  • Special revenue fund
    • Management levy fund
    • Public education and recreation levy fund
    • Student activity fund
  • Capital Project Fund
    • Physical Plant and Equipment Levy Fund (PPEL)
    • Secure and Advanced Vision for Education (SAVE)
  • Debt service fund

Proprietary fund type:

  • Enterprise fund
    • School nutrition fund
    • Child care fund
  • Internal service fund

Fiduciary funds:

  • Trust or agency funds
    • Expendable trust funds
    • Nonexpendable trust funds
    • Pension trust funds
  • Custodial funds

Account groups:

  • General capital assets account group
  • General long-term debt account group

 

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.  A debt service fund is used to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest.  Capital project funds are used to account for financial resources, to acquire or construct major capital facilities (other than those of propriety funds and trust fund) and to account for revenues from SAVE.   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.

The board may establish other funds in accordance with generally accepted accounting principles and may certify other taxes to be levied for the funds as provided by state law. The status of each fund must be included in the annual report.

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 (2013).

 

Cross Reference:        

704      Revenue

705      Expenditures

 

 

Approved  July 2000                   

Reviewed November 2022       

Revised October 2018                

701.4 FISCAL YEAR

The school district fiscal year shall begin July 1 and end June 30 each year. The budget shall state the expenditures for the fiscal year, and it shall be the responsibility of the superintendent to operate the education program within the budget.

It shall be the responsibility of the board to ensure the budget is managed effectively.

 

 

 

Legal Reference:         

Iowa Code §§ 24.2 (2013).

 

Cross Reference:        

703      Budget

704      Revenue

705      Expenditures

 

 

Approved  July 2000                    

Reviewed October 2016       

Revised                   

 

 

701.5 CLASSIFICATION OF ACCOUNTS

The money received from the regular and the voter-approved physical plant and equipment levies, the levy for public educational and recreational activities imposed under chapter 300, the proceeds of the sale of bonds authorized by law, and the proceeds of a tax estimated and certified by the board for the purpose of paying interest and principal on lawful bonded indebtedness shall be deposited in the schoolhouse fund and, except when authorized by the electors, shall be used only for the purpose for which originally authorized or certified. The money received from the district management levy shall be deposited in the sub-fund of the general fund of the school district. The treasurer shall keep a separate account for each fund and shall not pay an order that fails to state the fund upon which it is drawn and the specific use for which it is to be applied.

 

 

Legal Reference:         

Iowa Code §§ 11.236; 291.13 (2013).

 

Cross Reference:        

704      Revenue

705      Expenditures

 

 

Approved  July 2000                    

Reviewed November 2022     

Revised