VIII-21: Fiscal Accounting and Reporting

North Sanpete School District
Statement of ............. 

Board Policy with Guidelines

 Policy Number:  VIII-21
Effective Date:  12/16/1982
Revised Date:  08/15/2017
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Subject:  Fiscal Accounting and Reporting

BOARD POLICY

Definitions
The following definitions apply in this policy:

  1. “Generally Accepted Accounting Principles” (“GAAP”) means a common framework of accounting rules and standards for financial reporting promulgated by either FASB or GASB, as applicable to the District.
  2. “Financial Accounting Standards Board” (“FASB”) means the board whose purpose is to establish GAAP for nongovernmental entities within the United States.
  3. “Governmental Accounting Standards Board” (“GASB”) means the board whose purpose is to establish GAAP for state and local governments within the United States.
  4. “Generally Accepted Auditing Standards” (“GAAS”) means a set of auditing standards and guidelines promulgated by the Auditing Standards Board of the American Institute of Certified Public Accountants.

Utah Admin. Rules R277-113-2(4) - (7) (February 7, 2017)

District Financial Reporting
The District shall conduct its financial reporting in accordance with GAAP and shall arrange for audits of District financial reporting in accordance with GAAS.  The District’s financial reporting shall be done in a manner consistent with the basis of accounting as required by GAAP, and FASB standards, as applicable to the District. The District shall provide data and information consistent with budgeting, accounting (including the uniform chart of accounts for local educational agencies), and auditing standards for Utah local educational agencies provided online annually by the State Superintendent.

Utah Admin. Rules R277-113-6(2)(e) (February 7, 2017)

GUIDELINES

  1. The Board shall receive monthly financial statements from the Superintendent showing the
    financial condition of the district. Such other financial statements as may be determined
    necessary by either the Board or the administration shall be presented as found desirable.
  2. The district administration shall also be responsible for pupil accounting and shall report
    enrollment and attendance as required by the State.

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