AUXILIARY SERVICES
Series 700
Policy Title: Governmental Accounting Practices and Regulations Code No. 701.4
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 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 whenever it wishes to establish, modify, or rescind a committed fund balance. The resolution will state the exact dollar amount.
The Board authorizes the District Treasurer 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 considered 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 or District Treasurer to make recommendations to the Board regarding fund balance designations.
Approved: June 14, 2011
Reviewed: February 9, 2021
Revised:
Legal Reference: Iowa Code §§ 257.31(4); 279.8; 297.22-.25; 298A
Cross Reference: 701.3 Financial Records; 703 Budget; 704 Revenue