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 §§ 12C2; 279.33

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

Approved: 04/11/22        Reviewed: 03/21/22              Revised: 07/21/14

 

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.

If all requirements for district use of funds under the Preschool Foundation Aid, Professional Development Supplement, Home School Assistance Program, Teacher Leadership Supplement or any discontinued fund teacher 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.

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 or Iowa Girls High School Athletic Union.

If the before and after school 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.

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.

Temporary transfers (loans) of funds are permitted between funds but must be repaid to the originating fund, with interest, by Oct. 1 following the end of the fiscal year.

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; 257.10, 279.8; 279.42; 298A.
289 I.A.C. 6

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

Approved: 05/15/23        Reviewed: 03/21/22             Revised: 05/15/23

 

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
  • Public Education and Recreation Levy fund (PERL)
  • 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
  • Child care fund
• Internal service fund

Fiduciary funds:

• Trust
  • Expendable trust funds
  • Nonexpendable trust funds
  • Pension trust funds
• Custodial 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

Approved: 04/11/22        Reviewed: 03/21/22              Revised: 07/21/14

 

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 amounts in 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 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 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 to make recommendations to the board regarding fund balance designations.

 

 

Legal Reference:
Iowa Code §§ 257.31(4); 279.8; 297.22-.25; 298A.

Cross Reference:
701.3 Financial Records
703 Budget
704 Revenue

Approved: 04/11/22
Reviewed: 03/21/22
Revised: _____

 

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 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 district.

After the fiscal year has closed, the Superintendent or their designee will provide to the Board concise, timely, well organized financial data.  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 annually.  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, and 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/designee and approved by the Board of Education in keeping with the fiscal management performance measures provided for in district policy.

Legal Reference:    Iowa Code §§ 257.7, 31; 279.8