SUGGESTEDACCOUNTINGPOLICY-p-12.docVIP

SUGGESTED ACCOUNTING POLICY STATEMENT OF PHILOSOPHY The ____________ School District considers it most important that accurate financial records be developed and maintained on a consistent and systematic basis in order to support our decision-making responsibilities and those of the districts administrators. This declaration is based on the conviction that responsible stewardship recognizes that our school district is financed with public monies. Therefore, we insist on clear, complete and detailed accounting of all financial transactions for which we are accountable. POLICY STATEMENTS System of Accounts 1. Purpose The accounting system shall provide an accurate, clear and complete record of all financial transactions for which the board is accountable. The primary purposes served by the systemized accounting data are (1) the rendering of financial stewardship; and (2) the facilitating of future financial planning. Uniform System of Accounts The system of accounts shall conform to the system prescribed pursuant to Section 36 of the General Municipal Law, Department of Audit and Control, and Section 2116-a of the Education Law, State Education Department. Additional accounts and/or records that may be useful in yielding fiscal information to assist the board and administration in its decision-making may supplement this system. The various forms to be used shall be approved by the board of education. Fixed Assets The method of accounting for general fixed assets shall be in conformance with those prescribed by the Uniform System of Accounts for School Districts. Classification of Expenditures 1. Legal Requirements All expenditures are records and reported under the account classifications provided in the State Uniform System of Accounts for School Districts in order to satisfy legal reporting requirements and to facilitate compilation of comparative financial statistics for various local, state, and national agencies and research organizations. These standard