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7.101 Accounting and Control Procedures

7.101 Accounting and Control Procedures

The School Board of Okeechobee County

Chapter 7.00: Business Services

7.101*+

ACCOUNTING AND CONTROL PROCEDURES

POLICY

I. The financial records and accounts of the School Board shall be kept by the Superintendent on forms and in the manner prescribed by State Board of Education rules. If such forms are not prescribed by State Board of Education rules or Florida Statutes, a uniform system shall be established by the School Board.

II. The Superintendent shall submit to the School Board a financial statement for each month of the school fiscal year. The format of the statement shall be approved by the School Board and shall include a cumulative report to date of all receipts and expenditures for the school fiscal year.

III. Fund balances shall be classified and reported in accordance with the Governmental Accounting Standards Board (GASB) Statement Number 54, Fund Balance Reporting and Governmental Fund Type Definitions, on the Annual Financial Report in the following categories:

A. Nonspendable Fund Balance – amounts that are not in a spendable form (such as inventory) or are required to be maintained intact.

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

C, Committed Fund Balance – amounts constrained to specific purposes by the School Board; to be reported as committed, amounts cannot be used for any other purpose unless the School Board takes action to remove or change the constraint.

D. Assigned Fund Balance – amounts the School Board intends to use for a specific purpose; intent can be expressed by the School Board or by the Superintendent and/or the Director of Finance.

E. Unassigned Fund Balance – amounts that are available for any purpose; these amounts are reported only in the general fund.

IV. The Superintendent shall develop and the School Board approve procedures under which any funds under their control are allowed to be transmitted by electronic transaction.

STATUTORY AUTHORITY:

1001.41, 1001.42, F.S.

LAWS IMPLEMENTED:

215.85, Chapter 668, 1001.43, 1001.51, 1010.11, 1011.60, 1011.62, F.S.

STATE BOARD OF EDUCATION RULES:

6A-1.001

HISTORY:

Adopted:

03/09/2004

Revision Date(s):

08/21/2012, 10/08/2013

Formerly:

New

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