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
Proprietary Fund Type – These funds account for operations of the school district operated similar to private business for which a fee is charged to external users for goods or services, or they account for the costs of providing goods and services provided by one department to other departments on a cost reimbursement basis.
Fiduciary Funds – These funds are used to account for monies or assets held by the school district on behalf of, or in trust for, another entity.
Non-Fiduciary Scholarship Fund
Account Groups – The groups are the accounting records for capital 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 §§291; 298; 298A.
281 I.A.C. 98
Cross Reference: 701.02 Transfer of Funds
701.04 Governmental Accounting Practices & Regulations
802.04 Capital Assets
802.04-R(1) Capital Assets - Regulation
802.04-R(2) Capital Assets - Management System Definitions
Approved: March 12, 2008
Last Reviewed: February 14, 2024