7410 - System of Funds and Accounts Policy

Policy 7410

FINANCIAL MANAGEMENT 

System of Funds and Accounts
The district shall maintain a system of funds with the county treasurer in accordance with state law and the accounting manual approved by the state superintendent of public instruction.  The funds are:

A. General fund
B. Capital projects fund
C. Debt service fund
D. Associated student body program fund
E. Transportation vehicle fund

The district shall maintain the following bank accounts and other bank accounts as appropriate:

A. A district transmittal bank account

B. An associated student body imprest bank account for each secondary school having an associated student body organization approved by the board

C. Petty cash accounts in such numbers as are necessary to meet the petty cash needs of the schools and divisions of the district

The board may authorize the establishment of such accounts.  Each petty cash account shall be approved by the board.

Legal References:    RCW    28A.505.140        Rules and regulations for budgetary
                                                                                     procedures – Review when
                                                                                     superintendent (SPI) determines
                                                                                     budget irregularity – Revised
                                                                                     budget, state board’s financial
                                                                                     plan until adoption
                                 RCW    43.09.200             Division of municipal corporations –
                                                                                     Uniform system of accounting
                                 RCW    43.09.210             Division of municipal corporations –
                                                                                     Separate accounts for each fund
                                                                                     or activity
                                WAC    392-123                 Finance – School district budgeting
                                WAC    392-138-055         Imprest bank checking account
                                WAC    392-138-060         Petty cash funds
                                State Auditor Bulletin
                                         309, III(E)                 Petty cash

Adoption Date:      July 23, 1996