Financial records of the Wapello Community School District shall be maintained in accordance with generally accepted accounting principles (GAAP) as required or modified by law. School district monies shall be received and expended from the appropriate fund and/or account. The funds and accounts of the school district shall 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 good 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 int he annual report.
It is the responsibility of the superintendent in conjunction with the school business official to implement this policy and bring necessary changes in the maintenance of the school district's financial records to the attention of the board.
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.
Legal Reference: Iowa Code 291; 298; 298A
281 I.A.C. 98
Cross Reference: 704 Revenue
705 Expenditures
Approved: 10/16/97
Reviewed: 12/13/01; 12/12/07; 12/14/11; 2/6/2019; 11/16/23
Revised: 12/13/01; 7/14/21; 5/10/23; 1/10/24