DIB - LRSD Board Policy | www.lrsd.org

DIB - LRSD Board Policy

Published by jackbgarvey on Wed, 07/10/2013 - 11:33

LITTLE ROCK SCHOOL DISTRICT - NEPN CODE:  DIB

 

TYPES OF FUNDS

Governmental Fund Types:

  • The General Fund is the primary operating fund of the District and accounts for all revenues and expenditures of the District not encompassed within other funds.  All general tax revenues and other receipts that are not allocated by law or contractual agreement to another fund are accounted for in this fund.  General operating expenditures and capital improvement cost that are not paid through other funds are paid from this fund.
  • The Special Revenue Fund is used to account for the proceeds of specific revenue sources, other than capital projects, that are restricted to expenditure for specified purposes.
  • The Debt Service Fund is used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest, and related costs.
  • The Capital Projects Fund is used to account for all resources segregated for the acquisition or construction of major capital facilities.

 

Activity Fund (Fiduciary Fund Type):

The Fiduciary Funds are used to account for the funds of school activity groups and other agencies.  The assets in these funds are held by the District in a fiduciary capacity.

  • A. Depository: Intra-school or activity funds will be deposited in a single bank account at the bank selected for District funds.
  • B. Source of Funds: Funds to be deposited in these accounts are those derived from school organization activities, athletic events, school run concessions, bookstore operation, and authorized fund raising drives.
  • C. Record and-Management Procedures : Record keeping and management procedures to be followed in handling of these funds will be prescribed in the activities fund handbook.
  • D. Purchasing: Purchases will be in accordance with District purchasing policies, regulations, the procurement manual, and administrative directives.
  • E. Responsibility: The fund manager will be responsible for the proper management of these funds.  He/she will sign all requisitions/purchase orders or related transaction documents that initiate or result in disbursement of activity funds.  The Manager of Financial Services will be responsible for ensuring that activity fund transactions conform to appropriate policies and procedures and are accounted for properly.

 

Endowment and Directed Giving Fund Type (Fiduciary Type)

  • A.  Depository: Endowment and Directed Giving funds will be deposited in the bank account designated by the endowment board that manages that fund.
  • B.  Source of Funds: Funds to be deposited in these accounts are those donated for specific use, endowments, and for any unspecified general donation.
  • C.  Record and Management Procedures: These funds will be held in a trust managed by a financial institution (local bank) and the Manager of Financial Services will monitor and insure timely reporting of these funds.
  • D.  Purchasing: Purchases will be in accordance with District purchasing policies, regulations, the procurement manual, and administrative directives.
  • E.  Responsibility: The endowment and directed giving board(s) will approve all distributions from each of their funds.

 

Account Groups:

  • The General Fixed Asset Account Group is established to account for all fixed assets of the District.
  • The General Long Term Debt Account Group is established to account for all long-term debt of the District and for those long-term liabilities to be liquidated with resources to be provided in future periods.

 

 

 

Adopted:  March 24, 2000