Code No. 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
Physical plant and equipment levy fund
Student activity fund
Capital projects fund
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
Agency funds
Pension trust funds
Account groups:
General fixed 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 funds
FINANCIAL RECORDS
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 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.
It is the responsibility of the superintendent or designee 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: , Reviewed: 1/24/18, Revised: 9/13/23
Grinnell-Newburg School District, Grinnell, I