Policy 0802.10 Financial Accounting Systems

The school district's accounting system will:

• Meet all legal requirements, including all federal circulars published by the federal government to be in compliance within federal grants.
• Reflect the financial condition and operation of the district (GASB).
• Follow generally accepted accounting procedures (GAAP).
• Provide budgetary control for both revenues and expenditures.
• Establish the necessary funds called for by law or as required by the annual budget.
• Classify revenues by fund and source; and expenditures by fund, function, object, location, and activity. Such classifications will permit reporting to governmental agencies on a basis consistent with the requirements of the Idaho Department of Education and the U.S. Department of Education.
• Provide information to enable cost accounting and program analysis.