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
