Policy Details Page
Policy No. 6020
The district shall maintain a system of funds with the county treasurer in accordance with state law and the accounting manual approved by the Office of the Superintendent of Public Instruction. The funds are:
A. General Fund: The fund is financed primarily from local, county, state and federal sources. These revenues are generally used for financing the current, ordinary, normal and recurring operations of the district such as programs of instruction for students, food services, maintenance, data processing, printing and pupil transportation.
B. Associated Student Body (ASB) Fund: The fund is designated as a special revenue fund, and is financed by the establishment and collection of fees from students and non-students as a condition of their attendance at any optional noncredit, extracurricular event of the Tacoma School District as well as other fundraising activities. Final approval of associated student body activities rests with the board of directors, but the students determine what activities will constitute the associated student body program. The financial resources of this fund are for the extracurricular benefit of the students, and their involvement in the decisionmaking process is an integral part of associated student body government.
C. Capital Projects Fund: The fund is generally financed by the sale of bonds, state matching revenues and special capital levies. It is also used to record the proceeds from the sale of, and net lease proceeds from, surplus real property and earnings on fund investments. These revenue sources can be used for the acquisition of land or existing facilities, construction of buildings, the purchase of equipment, technology upgrades, conducting energy audits and making capital improvements, which are cost effective as determined by energy audits. In addition, expenditures for improvements to buildings, grounds, remodeling of buildings, technology upgrades and the replacement of roofs, carpets and service systems are included in this fund.
D. Transportation Vehicle Fund: Revenues for this fund are from state payments for pupil transportation equipment and transportation costs as well as any locally authorized special levies. These revenues may be used for the purchase, major repair, rebuilding and related debt service incurred for pupil transportation equipment.
E. Debt Service Fund: This fund is established to account for the payment of bond, interest and expenditures related to the redemption of outstanding bonds and notes as well as other non-current, long-term liabilities. Payments due on voted debt are provided for by an annual levy. Non-voted debt is provided for by an operating transfer from the general, capital projects and transportation vehicle fund.
Policy No. 6020 Management Support
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Payment of interest and principal are made by the county treasurer or fiscal agent.
F. Trust Fund: A fiduciary trust fund serves the purpose of accounting and reporting money or other assets donated for scholarship, student aid, charitable and other like uses. The specific use of these resources comes from the donor, and the board has authority to determine the use of assets within the confines of the original trust agreement.
There are two types of trust funds:
Permanent Funds are used to report resources that are legally restricted to the extent that only earnings and not principal may be used for purposes that support the reporting government’s programs that is for the benefit of the government or its citizenry.
Private Purpose Trust Funds are used to report all trust arrangements, other than those properly reported in pension or investment trust funds, under which principal and income benefit individuals, private organizations, or other governments.
The District shall maintain a system of bank accounts as follows:
A. A district depository and/or transmittal bank account;
B. An associated student body imprest bank account for each school having an associated student body organization approved by the school board; and
C. Petty cash accounts in such amounts as are necessary to meet the petty cash needs of the schools and divisions of the district. The school board may authorize the establishment of such accounts.
Legal References: RCW 28A.150.280 Reimbursement for acquisition of approved transportation equipment 28A.325.010 Fees for optional noncredit extra curricular events-Disposition 28A.325.020 Associated student bodies--Powers and responsibilities affecting 28A.325.030 Associated student body program fund--Created-Source of funds--Expenditures--Budgeting--Care of other moneys received by students for private purposes 28A.320.330 School funds enumerated--Deposits in--Use 28A.335.060 Sale of transportation vehicles
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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 43.09.200 Division of municipal corporations--Uniform system of accounting 43.09.210 Division of municipal corporations--Separate accounts for each fund or activity WAC 392-123 Finance--School District Budgeting 392-138-055 Interest bank checking account 392-138-060 Petty cash funds 392-138 Finance--Associated Student Body Moneys
28A.335.060 Sale of transportation vehicles
39.44 Bonds--Forms, Terms of sale, Payment, etc.
State Auditor Petty Cash Bulletin #301, III(E) Government Accounting Standards Board State 34
Adoption Date: 7/27/00