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Policy Manual

6100 - Uniform Records and Accounts



Accurate Records to be Kept


The School Board will keep accurate records of financial transactions and make all required reports. The form and content of all records and reports will comply with all applicable laws, administrative rules and regulations and methods of accounting.



Method of Accounting


The District's system of accounting shall comply with all requirements of the Governmental Accounting Standards Board, Statement No. 54 (GASB 54). In accordance with GASB 54, the District will report its fund balances in, and all district and other funds will be designated to, one of the following categories:



Nonspendable fund balance – that is, amounts that are not in a spendable form (such as inventory) or are required to be maintained intact (such as the corpus of an endowment fund).



Restricted fund balance — amounts constrained to specific purposes by their providers (such as grantors, bondholders, and higher levels of government), or through constitutional provisions, or by enabling legislation.



Committed fund balance — amounts constrained to specific purposes by the Board; to be reported as committed, amounts cannot be used for any other purpose unless the Board takes action to remove or change the constraint.



Assigned fund balance — amounts the Board intends to use for a specific purpose; intent can be expressed by the Board or by an official or committee to which the Board delegates the authority.



Unassigned fund balance — amounts that are available for any purpose; these amounts are reported only in the general fund.


The Board authorizes its administrative staff to take all steps necessary to comply with the requirements of GASB 54. All revenue and funds will be designated to one of the above categories.





School and department internal funds shall be audited at least annually by an internal auditor or an independent CPA firm. These audits shall comply with accepted auditing standards, Federal and State laws and regulations, District policies, and the School Internal Accounts Handbookadopted by the Board.





All warehouse stock shall be inventoried annually to ensure adequate control and inventory.

F.S. 1001.42, 1001.51

Revised 4/1/14

© Neola 2012

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