Each year at its annual meeting, the board shall designate by resolution the name and location of the Iowa located financial depository institution or institutions to serve as the official school district depository or depositories. The maximum deposit amount to be kept in the depository shall be stated in the resolution. The amount stated in the resolution must be for all depositories and include all of the school district's funds.
It shall be the responsibility of the board secretary to include the resolution in the minutes of the meeting.
Legal Reference:
Iowa Code ßß 12C; 279.33 .
Related Administrative Rules and Regulations:
210.1 Annual Meeting,
206.4 Treasurer (or 206.3, Secretary-Treasurer)
704.1 Local State Federal Miscellaneous Revenue
Approved: 11/9/1981 Reviewed: 10/12/2020 Date of Revision: 10/12/2020
When the necessity for a fund has ceased to exist, the balance may be transferred to another fund or account by board resolution. School district monies received without a designated purpose may be transferred in this manner. School district monies received for a specific purpose or upon vote of the people may only be transferred, by board resolution when the purpose for which the monies were received has been completed. Voter approval is required to transfer monies to the general fund from the capital projects fund and debt service fund.
It is the responsibility of the board secretary to make recommendations to the board regarding transfers and to provide documentation justifying the transfer.
Legal Reference:
Iowa Code §§ 24.21-.22; 279.8; 279.42; 298A.
Cross Reference:
701.3 Financial Records
703 Budget
704.2 Sale of Bonds
Approved: 1/14/1991 Reviewed: 10/12/2020 Revised: 10/12/2020
Financial records of the school district are maintained in accordance with generally accepted accounting principles (GAAP) as required or modified by law. School district monies are received and expended from the appropriate fund and/or account. The funds and accounts of the school district will include, but not be limited to:
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Governmental fund type:
Proprietary fund type:
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Fiduciary funds:
Account groups:
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The general fund is used primarily for the education program. Special revenue funds are used to account for monies restricted to a specific use by law. Capital projects funds are used to account for financial resources to acquire or construct major capital facilities (other than those of proprietary funds and trust funds) and to account for revenues from SAVE. A debt service fund is used to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest. Proprietary funds account for operations of the school district operated similar to private business, or they account for the costs of providing goods and services provided by one department to other departments on a cost reimbursement basis. Fiduciary funds are used to account for monies or assets held by the school district on behalf of, or in trust for, another entity. The account groups are the accounting records for capital assets and long-term debt.
The board may establish other funds in accordance with generally accepted accounting principles and may certify other taxes to be levied for the funds as provided by state law. The status of each fund must be included in the annual report.
It is the responsibility of the superintendent to implement this policy and bring necessary changes in the maintenance of the school district's financial records to the attention of the board.
Legal Reference:
Cross Reference:
704 Revenue
705 Expenditures
Approved: 10/12/2020 Reviewed: ______________ Revised: ______________
School district accounting practices will follow state and federal laws and regulations, generally accepted accounting principles (GAAP) and the uniform financial accounting system provided by the Iowa Department of Education. As advised by the school district's auditor, determination of liabilities and assets, prioritization of expenditures of governmental funds and provisions for accounting disclosures shall be made in accordance with governmental accounting standards.
In Governmental Accounting Standards Board (GASB) Statement No. 54, the board identifies the order of spending unrestricted resources applying the highest level of classification of fund balance - restricted, committed, assigned, and unassigned - while honoring constraints on the specific purposes for which amounts in those fund balances can be spent. A formal board action is required to establish, modify and or rescind a committed fund balance. The resolution will state the exact dollar amount. In the event, the board chooses to make changes or rescind the committed fund balance, formal board action is required.
The Board authorizes the board secretary to assign amounts to a specific purpose in compliance with GASB 54. An 'assigned fund balance' should also be reported in the order of spending unrestricted resources, but is not restricted or committed.
It is the responsibility of the superintendent to develop administrative regulations implementing this policy. It is also the responsibility of the superintendent to make recommendations to the board regarding fund balance designations.
Legal Reference:
Iowa Code §§ 257.31(4); 279.8; 297.22-.25; 298A.
Cross Reference:
701.3 Financial Records
703 Budget
704 Revenue
Approved: 10/12/2020 Reviewed: ____________ Revised: _______________