Each year at its annual meeting, the Wapello Board of Directors shall 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 shall 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 shall be the responsibility of the board secretary to include the resolution in the minutes of the meeting.
Legal Reference: Iowa Code 12C.2; 279.33
Cross Reference: 210.1 Annual Meeting
206.3 Secretary-Treasurer
704.1 Local-State-Federal-Miscellaneous Revenue
Approved: 7/18/95
Reviewed: 12/31/01; 12/12/07; 12/14/11; 2/6/2019; 11/16/23
Revised: 12/31/01
As school district may transfer funds under the following circumstances:
1. When the necessity for a fund has ceased to exist, the balance may be transferred to another fund or account by board resolution. The Wapello Community School District monies received for a specific purpose may be transferred in this manner.
2. 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..
3. If all requirements for district use of funds under the Statewide Preschool Program, Professional Development Supplement, Home School Assistance Program, Teacher Leadership Supplement, or any discontinued fund have been met and funds remain unexpended and unobligated at the end of the fiscal year, the district may transfer all or a portion of remaining funds by passage of a board resolution into the district’s flexibility account in accordance with law. Before the expenditure of amounts in the flexibility account, the district shall publish notice of the time, date, and place of a public hearing on the proposed resolution approving said expenditures. The board must find and certify that the statutory requirements of each original source of funds have been met before adopting the resolution approving the expenditures. The district will present a copy of the signed board resolution to the Department of Education.
4. The District may transfer by board resolution from the general fund to the student activity fund an amount needed to purchase or refurbish protective and safety equipment required for any extracurricular interscholastic athletic contest or competition sponsored or administered by the Iowa High School Athletic Association of Iowa Girls High School Athletic Union.
5. If the before and after school child care program exceeds the amount necessary to operate the program, the excess amount may, following a public hearing, be transferred by resolution of the board of directors of the school corporation for deposit in the general fund of the school corporation to be used for school district general fund purposes. The district will present a copy of the signed board resolution to the Department of Education.
6. Unexpended and unobligated dollars that remain at the end of a fiscal year in addition to ongoing revenues may be transferred to the Teacher Salary Supplement (TSS) program from Professional Development Supplement (PDS), Talented and Gifted (TAG), and Teacher Leadership Supplement (TLS) without board action.
7. The district may choose to request approval from the School Budget Review Committee to transfer funds to make a program whole, prior to its elimination.
8. Temporary transfers (loans) of funds are permitted between funds but must be repaid to the originating fund, with interest, by October 1 following the end of the fiscal year in which the loan was made.
It shall be the responsibility of the board secretary in coordination with the Treasurer to make recommendations to the board regarding and to provide the documentation justifying the transfer.
Legal Reference: Iowa Code §§ 24.21-.22; 279.8; 279.42; 298A;
289 I.A.C. 6
Cross Reference: 701.3 Financial Records
703 Budget
704.2 Sale of Bonds
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
Financial records of the Wapello Community School District shall be maintained in accordance with generally accepted accounting principles (GAAP) and 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 are used for business type activities that rely on fees and user charges for services.
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 Treasurer and 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
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 Iowa 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 amount sin those fund balances can be spent. A formal board action is required to establish, modify, and 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 or Board Secretary to assign amounts to a specific purpose in compliance with GASB 54. An “Assigned fund balance” should also be reported I the order of spending unrestricted resources but is not restricted or committed.
Fund Balance Reporting
Financial reporting for the balances in the district’s governmental funds is based on Governmental Accounting Standards Board (GASB) Statement 54, Fund Balance Reporting and Governmental Fund Types Definitions. Fund balance refers to the difference between assets and liabilities in the governmental funds balance sheets. GASB 54 established a hierarchy that is based on “the extent to which the government is bound to honor constraints on the specific purpose for which the amount sin those funds can be spent.”
The governmental funds can have up to five fund balance classifications. The classifications are defined below from most to least restrictive.
Nonspendable Fund Balance includes amounts that cannot be spent because they are either not in spendable form, or legally or contractually required to be maintained intact. This includes items not expected to be converted to cash, including inventories and prepaid expenses. It may also include other property acquired for resale and the principal of a permanent fund.
Restricted Fund Balance should be reported when constraints placed on the use of resources are either externally imposed by creditors, grantors, contributors, or law or regulations of other governments; or imposed by law through constitutional provisions or enabling legislation. This includes “categorical balances.”
Committed Fund Balance reflects specific purposes pursuant to constraints imposed by formal action of the board. Sch constraints can only be removed or changed by board action.
Assigned Fund Balance reflects amounts that are constrained by the government’s intent to be used for specific purposes but meet neither the restricted nor committed forms of constraint. Unless the amount is negative, the assigned fund balance is the residual classification for the governmental funds other than the general fund. If the amount is negative, then the residual amount is shown as unassigned.
Unassigned Fund Balance is the residual classification for the general fund only. As noted above, if a negative residual amount exists in other governmental funds, then the amount is reported as unassigned.
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: 6/12/03
Reviewed: 12/12/07; 2007; 12/14/11; 2/6/2019; 11/16/23
Revised: 1/10/24
The board recognizes its fiduciary responsibility to oversee the management of school district funds in keeping with the school district vision, mission, and goals. To achieve this purpose, the board may engage in learning about the financial needs, operations, and requirements of the Wapello Community School District as appropriate for the board’s understanding of the district’s financial position. The Board also commits to engaging in annual financial goal setting for the district based upon measurable data and projections for the Wapello Community School District.
Monthly, the Superintendent, in coordination with the Treasurer, will provide the board with accurate reports showing the receipts, disbursements, and balances for each fund, cashflow needs, the investment portfolio, and any other reports showing the financial condition of the school district. After the fiscal year has closed, the Superintendent, in coordination with the Treasurer, will provide to the Board concise, timely, well organized financial data for that fiscal year. The Board will exercise its oversight responsibilities by reviewing relevant PK-12 public education sector indicators to understand the financial trends of the district..
The board will establish and review financial goals and fiscal management performance measures annually and publish in the minutes. The District will measure whether these goals were obtained as of June 30, but only after completion of the Certified Annual Report due September 15th each year.
Providing the best possible educational experience for all students and meeting federal, state,a nd local academic goals for each student requires maximizing General Fund resources for use in the instructional program. The board may request from the School Budget Review Committee (SBRC) additional modified spending authority (MSA) where it may be available for items such as:
Special education deficit balances
Advances to support increasing student enrollment
Supports for students identified as English Learners
At risk/dropout prevention programming
Initial staffing associated with opening new buildings or programs
Any other lawful purpose
Any award of modified supplement amount will be levied as a cash reserve based on the recommendation of the Superintendent in coordination with the Treasurer and approved by the Board of Directors, consistent with its annual financial goals and the fiscal management performance measures.
Legal References: Iowa Code 257.7, 31; 279.8
Approved: 11/17/95
Reviewed: 8/17/00; 7/12/07; 7/12/23
Revised: 10/10/18; 12/9/2020; 5/10/23