DI - LRSD Board Policy

Published by jackbgarvey on Wed, 07/10/2013 - 11:20

LITTLE ROCK SCHOOL DISTRICT - NEPN CODE:  DI

 

FISCAL ACCOUNTING AND REPORTING

The District accounting system will provide an accurate record of the financial position of the District.  The Board will receive monthly reports from the Superintendent on the financial affairs of the District and authorize transfer of funds as needed.  The financial accounting and reporting structure will comply with applicable legal revisions.

The following purposes must be satisfied by the accounting system:

  1. Administrative Control: The financial records must be adequate to guide the making or deferring of purchases, the expanding or curtailing of programs, and the controlling of expenses.  Current data should be immediately available and in such form that periodic summaries may be readily made from the data.
  2. Budget Preparation: The financial records must be adequate to serve as a guide to budget estimates of subsequent years, and to hold expenditures to the amounts appropriated.  Accounts are to be kept for each item for which separate budget estimates must be made.  An adequate code of expenditure accounts will be used.
  3. Accounting for Stewardship:  The financial records of the District must be adequate to show that those in charge have handled funds within the framework of law and in accordance with Board policy.

 

The District's financial records will provide the following information:

  1. For each account in the District's budget:  the appropriation, expenditures, encumbrances, and unencumbered balance.
  2. For each purchase order:  the name of vendor, description of the item involved, the amounts, the call for bids if required, and an abstract of the bids received.
  3. For each purchase:  the purchase order information above, plus the record of receipt and condition of goods, the invoice and the record of payment.

 

A modified accrual basis of accounting system will be used.

 

Maintenance of Records, Deeds, Inventory and Legal Documents

All permanent and current financial records, legal documents, deeds and inventory of school property must be maintained in a manner which will provide accessibility and appropriate safeguards against loss.

 

 

Adopted:  March 24, 2000

Legal Reference:  A.C.A. 6-20-1301 through 6-20-1304, A.C.A. 6-20-319