The Board of Education insists on clear, complete, and detailed accounting of all financial transactions for which the Board is held accountable.
The system of accounts will conform to the Uniform System of Accounts for School Districts. The accounting system will yield information necessary for the Board to make policy decisions.
Proposed expenditures will be budgeted under and the actual expenditures will be charged to categories that most accurately describe the purpose for which monies are to be spent.
The Board directs the Superintendent of Schools to keep it informed of the financial status of the district through monthly and annual reports. The Superintendent should highlight any deviation in actual fiscal conditions from planned fiscal conditions and offer recommendations to the Board to remedy the situation. The Assistant Superintendent for Business will prepare and submit, through the Superintendent, to the Board and the Commissioner of Education, such reports as are prescribed by law. These shall be filed with appropriate governmental bodies as required under law or regulation. The district will cooperate with governmental agencies and research organizations as required by law for data concerning the fiscal operations of the district.
The district shall be audited annually by an independent certified public accountant or a public accountant. The auditor’s report shall be adopted by resolution and a copy shall be filed with the Commissioner of Education.
The Superintendent is hereby directed to respond to all audit findings and recommendations. Such response is to include a statement of the corrective actions taken or proposed to be taken, or if action is not taken or proposed, an explanation of reasons, as well as a statement on the status of corrective actions taken on findings or recommendations contained in any previous report of examination or external audit, or any management letter for which a response was required.
The Superintendent shall also ensure that the provisions contained in the General Municipal Law in regard to audit reports are followed.
Types of Funds
Types of Funds
Financial records will be kept in accordance with law. The general ledger will be made up of controlling accounts within funds and the subsidiary ledger will detail expenditures and revenues. The accounts listed in the subsidiary ledger must balance with the control account in the general ledger.
Each of the funds will have its own account which will be reconciled with the monthly bank statement. The base amount in each of the accounts must balance with the bank statement.
Funds
Funds
1. General Fund
This fund is financed through taxes and other federal revenues and maintains records for all transactions of the school district which are not included in another fund. In effect, the general fund accounts for the ordinary day-to-day financial operations of the district.
2. School Lunch Fund
Monies collected from cafeteria receipts will be deposited on a regular basis into the school lunch fund. This fund will be maintained and audited separately on an annual basis.
3. Capital Project Fund
Monies in this fund will be maintained for necessary construction costs. A record shall be kept for each project in accordance with law.
4. Special Aid Account
A separate account for monies received from state and federal government sources will be maintained. Records of expenditures shall be kept in accordance with federal and state regulations.
5. Trust and Agency Fund
this fund is used to account for receipts from other sources (mainly other funds) and it is considered a trustee or custodian of these receipts until monies may be distributed to third parties.
The fund includes a record of deductions made from the payroll including state and federal income tax, social security, tax sheltered annuities, hospitalization, teachers’ dues, garnishes, etc.
The Fund Balance
The Fund Balance
A fund balance is the excess of revenues over expenditures for a given fiscal year. It is not necessarily cash on hand. A fund balance may be categorized as reserved or as unreserved. If reserved, the fund balance is designed for a specific purpose.
Cross-ref: 1120, School District Records
Ref: Education Law §§1610; 1721; 2117; 2528; 2577; 2590-i
General Municipal Law §§33; 34
8 NYCRR §§155.1; 170.1; 170.2
Note: Prior policy, Policy Manual, 3410, revised
Policy Adopted: March 12, 1997 Wayne Central School District
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