The board shall receive monthly financial statements showing the financial condition of the school district as of the last day of the preceding month. Such statement will reflect the cash position of the respective accounts. Other financial records as may be determined necessary by either the board or the administration shall be presented periodically.


Financial records of the school district shall be maintained in accordance with generally accepted accounting principles (GAAP) as required or modified by law. School district monies shall be received and expended from the appropriate fund and/or account. The board, by board resolution, shall establish the following funds as needed:


         General Fund

         Depreciation Fund

         Employee Benefit Fund

         Contingency Fund

         Activities Fund

         Student Fee Fund

         School Lunch Fund

         Bond Fund

         Special Building Fund

         Qualified Capital Purchase Undertaking Fund

         Cooperative Fund


The resolution establishing such funds shall state the type of fund, name of the fund and purpose of the fund.


Legal Reference: NDE Rule 2


Cross Reference: 705 Revenue

706 Expenditures













Approved ______________ Reviewed ______________ Revised _______________