The Uniform Financial Accounting for Iowa School Districts and Area Education Agencies shall be used as the system for financial accounting for the school district. Revisions ad amendments to this system shall automatically be adopted. Revenues and expenditures shall be promptly classified in the accounting system by proper fund and sub account.
Financial records of the District shall be maintained in accordance with generally accepted accounting principals (GAAP) as required or modified by law. School district monies shall be received and expended from the appropriate fund and/or account. The funds and accounts of the school district shall include, but not be limited to:
Government fund type:
- General Fund
- Special revenue fund
- Management levy fund
- Physical plant and equipment levy fund
- Public education and recreation levy fund
- Student activity fund
- Capital projects fund
- Debt service fund
- State penny sales tax fund
Proprietary fund type:
- Enterprise fund
- School nutrition fund
- Child care fund
- Internal service fund
Fiduciary funds:
- Trust or agency funds
- Expendable trust funds
- Nonexpendable trust funds
- Agency funds
- Pension trust funds
Account groups
- General fixed assets account group
- General long-term debt account group
As necessary the board may, by resolution, create additional funds within the governmental, proprietary, and fiduciary fund types. The resolution shall state the type of fund, name of the fund, and purpose of the fund.
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. Proprietary funds account for operations of the school district operated similar to private business, and 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 accounting records for fixed assets and long-term debt.
- First Adoption:
- 2009-10-12
- Revision Adoption:
- October 11, 2009/ June 27, 2021
- Legal Reference:
- Iowa Code Sections 11.23, 257 and 273.9