You are here

Home » 700 PURPOSE OF NONINSTRUCTIONAL AND BUSINESS SERVICES » 701 FINANCIAL ACCOUNT SYSTEM

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