FINANCIAL RECORDS

 

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