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.

 

Note:  While this policy is not mandatory, the content of it is.

 

 

Legal Reference:  Iowa Code §§ 122C; 279.33 (2007).

Cross Reference:  210.1    Annual Meeting
                                        206.4    Treasurer [or 206.3, Secretary-Treasurer]
                                        704.1    Local - State - Federal - Miscellaneous Revenue

Approved    4-16-12                              
Reviewed                                                                               
Revised                  

 

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.

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; 279.8; 298A (2007).

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

Approved    4-16-12                              
Reviewed                                                                               
Revised                   

 

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 projects fund

             --Physical plant and equipment levy 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 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 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 to implement this policy and bring necessary changes in the maintenance of the school district's financial records to the attention of
the board.

 

Note:  The list of funds above does not include the "Library levy fund," which is only available to one school district.  The school district eligible to levy the library levy must
add this fund to its policy. GAAP makes references in the school district's policy manual to the "schoolhouse fun" obsolete.   Each reference to this term should be reviewed and
replaced with the proper GAAP fund/account.  References to the term "general fund" should also be reviewed to ensure it is properly used in the policies.

 

 

Legal Reference:  Iowa Code §§ 11.23; 298A (2007).

Cross Reference:  704       Revenue
                                       705       Expenditures

Approved    4-16-12                              
Reviewed                                                                               
Revised                   

 

School district accounting practices will follow state and federal laws and regulations, generally accepted accounting principles (GAAP) and the uniform financial accounting
system provided by the Department of Education.  As advised by the school district's auditor, determination of liabilities and assets, prioritization of expenditures of
governmental funds and provisions for accounting disclosures shall be made in accordance with governmental accounting standards.

In Governmental Accounting Standards Board (GASB) Statement No. 54, the board identifies the order of spending unrestricted resources applying the highest level of
classification of fund balance - restricted, committed, assigned, and unassigned - while honoring constraints on the specific purposes for which amounts in those fund balances
can be spent.  A formal board action is required to establish, modify, or rescind a committed fund balance.  The resolution will state the exact dollar amount.  In the event, the
board chooses to make changes or rescind the committed fund balance, formal board action is required.

The Board authorizes the superintendent and board secretary to assign amounts to a specific purpose in compliance with GASB 54.  An 'assigned fund balance' should also be
reported in the order of spending unrestricted resources, but is not restricted or committed.

It is the responsibility of the superintendent to develop administrative regulations implementing this policy.  It is also the responsibility of the superintendent to make
recommendations to the board regarding fund balance designations.

 

 

Legal Reference:  Iowa Code §§ 257.31 (4); 279.8; 297.22-.25; 298A (2011).

Cross Reference:  701.3                Financial Records
                                        703                   Budget
                                        704                   Revenue

Approved   6-20-2011                           
Reviewed    4-16-12                                                                  
Revised