DEPOSITORY OF FUNDS 

Each year at its annual meeting, the board will 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 will 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 is the responsibility of the board secretary to include the resolution in the minutes of the meeting. 

 

Legal Reference:          
Iowa Code §§ 279.33 

Cross Reference:          
210.1    Annual Meeting
206.4    Treasurer [or 206.3, Secretary-Treasurer]
704.1    Local - State - Federal - Miscellaneous Revenue

Adopted: 9.28.2020

TRANSFER OF FUNDS 

When the necessity for a fund has ceased to exist, the balance may be transferred to another fund or account by board resolution.  School district monies received without a designated purpose may be transferred in this manner.  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. 

It is the responsibility of the board secretary to make recommendations to the board regarding transfers and to provide the documentation justifying the transfer.

  

Legal Reference:      
Iowa Code §§ 24.21-.22; 279.8; 298A.

Cross Reference:      
701.3   Financial Records
703      Budget
704.2   Sale of Bonds

Adopted: 9.28.2020

FINANCIAL RECORDS

 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

                  --Student activity fund

            ·           Capital projects fund

--Physical Plant and Equipment Levy fund (PPEL)

--Secure and Advanced Vision for Education (SAVE)

            ·           Debt service fund

Proprietary fund type:

            ·           Enterprise fund

                  --School nutrition fund

            ·           Internal service fund

Fiduciary funds:

            ·           Trust

                    --Expendable trust funds

                    --Nonexpendable trust funds

                  --Pension trust funds

·    Agency Funds 

Account groups:

            ·           General capital assets account group

            ·           General long-term debt account group 

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.  Capital projects funds are used to account for financial resources to acquire or construct major capital facilities (other than those of proprietary funds and trust funds) and to account for revenues from SAVE. A debt service fund is used to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest.  Proprietary funds account for operations of the school district operated similar to private business, 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 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 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 in the annual report. 

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.

 

Legal Reference:      
Iowa Code §§291; 298; 298A.
281 I.A.C. 98

Cross Reference:      
704      Revenue
705      Expenditures

Adopted: 9.28.2020