UNIFORM RECORDS AND ACCOUNTS

UNIFORM RECORDS AND ACCOUNTS

po6100Adopted May 1, 2002Revised March 12, 2024

6100 - UNIFORM RECORDS AND ACCOUNTS

The Board and the Superintendent, are required to keep adequate records and accounts for all financial transactions as established by the State publication Financial and Program Cost Accounting and Reporting for Florida Schools. This publication establishes a uniform structure including fund, revenue, and expenditure classifications. Generally Accepted Accounting Principles (GAAP) and Governmental Accounting Standards Board (GASB) provide the foundation for financial accounting and reporting for school districts. Additionally, the Board and Superintendent shall establish and maintain internal controls designed to:

  1. prevent and detect fraud, waste, and abuse as defined in F.S. 11.45(1);
  2. promote and encourage compliance with applicable  laws, rules, contracts, grant agreements, and best practices;
  3. support economical and efficient operations;
  4. ensure reliability of financial records and reports; and
  5. safeguard assets.

    Method of Accounting

    All funds accounted for shall be allocated according to the budget and as required by law or rules of the State Board of Education. The District's system of accounting shall comply with all requirements of the Governmental Accounting Standards Board, Statement No. 54 (GASB 54). In accordance with GASB 54, the District will report its fund balance in the following categories:

    1. Nonspendable fund balance - that is, amounts that are not in a spendable form (such as inventory) or are required to be maintained intact (such as the corpus of an endowment fund).
    2. 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.
    3. Committed fund balance - amounts constrained to specific purposes by the Board; to be reported as committed, amounts cannot be used for any other purpose unless the Board takes action to remove or change the constraint.
    4. Assigned fund balance - amounts the Board intends to use for a specific purpose; intent can be expressed by the Board or by an official or committee to which the Board delegates the authority.
    5. Unassigned fund balance - amounts that are available for any purpose; these amounts are reported only in the general fund.

      The Board authorizes the auditors and directs its administrative staff to take all steps necessary to comply with the requirements of GASB 54. All revenue and funds will be designated to one of the above categories.

      Further, the Board delegates the responsibility of assigning funds to certain projects to the Superintendent. Assignments may occur subsequent to fiscal year-end.

      Audits

      The District's financial records shall be audited at least annually by an independent CPA firm or the Auditor General. These audits shall be based on generally accepted auditing standards, Federal and State laws and regulations, District policies, and the Manual of Internal Accounting adopted by the Board.

      Inventory

      All warehouse stock shall be inventoried annually to ensure adequate control and inventory.

      Revised 10/28/14
      Revised 3/12/24

      © Neola 2019