1606 Brady St.
Davenport, IA
563-336-5000

Board Policy 304 – Accounts

Board Policy

Administrative Regulation
304.01 Financial Accounting System (Reviewed 11/26/07) (Reviewed 1/14/13) 304.01A
304.02 Treasurer’s Annual Report (Revised 11/26/07) (Revised 2/25/13) 304.02A
304.03 Secretary’s Monthly Report (Reviewed 11/26/07) (Reviewed 1/14/13) 304.03A
304.04 Resolution for Payment of Bills (Reviewed 9/27/10)(Reviewed 8/24/15)  
304.05 Publication of Annual Listing of Salaries (Revised 9/27/10)(Reviewed 8/24/15)  
304.06 Audits (Reviewed 11/26/07) (Revised 1/14/13) 304.06A
304.07 Inventory (Revised 11/26/07) (Reviewed 1/14/13) 304.07A
304.08 Monies in School Buildings  (Deleted 1/24/00)  
304.09 School Credit Cards (Reviewed 11/26/07) (Reviewed 1/14/13)

304.10 GASB (Adopted 9/26/11)

304.09A

304.10A

 


304.01

BUSINESS OPERATIONS

Financial Accounting System

The Board adopts the Uniform Financial Accounting for Iowa Schools, as approved by the Iowa Department of Education, as its system for financial accounting.

  • Cross Reference:  Administrative Regulation 304.01A

  • By action of the Board 9/20/76, 2/14/83; Revised 10/14/91; Revised 6/26/00; Reviewed 11/26/07

  • Edited 11/07; Reviewed 1/14/13


 

304.02

BUSINESS OPERATIONS

Treasurer’s Annual Report

The Treasurer shall make an annual report to the Board at the first regular meeting in August showing the balances in the depositories at the close of the fiscal year. A report shall be made which shows the amount of the General Fund and the Physical Plant and Equipment Levy fund held over, received, paid out, and on hand separately stated.

The treasurer shall render records of the corporation whenever required by the board and the treasurer’s books shall always be open for inspection.

  • Cross Reference:  Administrative Regulation 304.02A

  • Legal Reference: Iowa Code Chapter §291.14

  • By action of the Board 9/20/76, 2/14/83; Revised 10/14/91; Revised 6/26/00;  Revised 9/18/00; Revised 11/26/07

  • Edited 11/07; Revised 2/25/13


 

304.03

BUSINESS OPERATIONS

Secretary’s Monthly Report

The Board Secretary shall file with the Board  each month a complete statement of all receipts and disbursements from the various funds during the preceding month and also the balance remaining on hand in the various funds at the close of the period covered by the statement.

  • Cross Reference:  Administrative Regulation 304.03A

  • Legal Reference: Code of Iowa Chapter 291.7

  • By action of the Board 9/20/76; Revised 2/14/83, Reviewed 10/14/91; Revised 6/26/00; Reviewed 11/26/07

  • Edited 11/07; Reviewed 1/14/13


 

304.04

BUSINESS OPERATIONS

Resolution for Payment of Bills

The Board recognizes there are times during the year when the Board does not meet every two weeks. However, there are vendors who request payment within a certain period of time; and therefore, when the Board does not meet within a two-week time period, it is appropriate that the Board President be authorized to release checks drawn to pay bills that are due after verification.

Through a resolution presented at the annual meeting each year, the Board may give authorization to issue warrants when the Board is not in session in payment of freight, drayage, express, postage, printing, water, light, telephone, and rents, but only upon verified bills filed with the Board Secretary/Treasurer, and for the payment of salaries pursuant to the terms of a written contract. All bills and salaries for which warrants are issued prior to audit and allowance by the Board must be passed upon by the Board at the next meeting and be entered in the regular minutes of the Board Secretary/Treasurer.

The annual resolution should state: “Be it resolved that in between regularly scheduled board meetings, that after the bills have been reviewed and verified by the administration and the Board Secretary/ Treasurer, the Board President may be authorized to approve payment of claims and warrants drawn on the Treasury for the several amounts including payment of claims and salaries. Be it further resolved that the Board will officially approve these warrants at the next regular Board meeting and the warrants will be entered in the minutes of record.”

  • Cross Reference: Board Policy #303.07 Approval of Bills for Goods and Services

  • Legal References: Iowa Code Chapter 279.30 Exceptions; Section History: Early form [C35, §4239-gl; C39, §4239.1; C46, 50, 54, 58, 62, 66, 71, 73, 75, § 279.27; C77, 79, 81, § 279.30]; Section History: Recent form; 92 Acts, ch 1187, § 4

  • Adopted by the Board: 6/28/04, Reviewed 9/27/10

  • Edited 06/04, 9/10; Reviewed 8/24/15


304.05

BUSINESS OPERATIONS

Publication of Annual Listing of Salaries

The Board will annually publish a list of salaries paid to individuals regularly employed by the District. The publication shall be placed in a newspaper which has general circulation in the District. The publication shall include the total amount of the annual salary of each employee.

The Board Secretary shall have the responsibility to make sure the publication is done each year.

  • Legal References:  Iowa Code Chapter 279.35 Publication of Proceedings; 279.36 Publication Procedure and Fee
  • By action of the Board 9/20/76, 2/14/83; Revised 10/14/91, Revised 2/10/97; Revised 1/12/04; Revised 9/27/10
  • Edited 1/04, 9/10; Reviewed 8/24/15

 

304.06

OPERATIONS

Audits

The Board requires an annual audit of the financial affairs of the District in accordance with the statutes of the State of Iowa.

Such annual audit reports shall remain on permanent file in the administrative office of the District.

  • Cross Reference: Administrative Regulation 304.06A

  • Legal Reference: Iowa Code §279.33

  • By action of the Board 9/20/76, 2/14/83; Reviewed 10/14/91; Revised 6/26/00; Reviewed 11/26/07

  • Edited 11/07; Revised 1/14/13


 

304.07

BUSINESS OPERATIONS

Inventory

A comprehensive inventory of all furniture and other equipment shall be maintained by the Superintendent or superintendent’s designee. All items of equipment that are not consumable in nature shall be included in the annual inventory.

A perpetual inventory shall be maintained for all items in the district stockroom that are consumable in nature. The administration will audit one or two sites per year.

  • Cross Reference:  Administrative Regulation 304.07A

  • By action of the Board 9/20/76, 2/14/83; Reviewed 3/11/91; Reviewed 1/24/00; Revised 11/26/07

  • Edited 11/07; Revised 1/14/13


 

304.09

BUSINESS OPERATIONS

School Credit Cards

School credit cards may be used by school employees to pay for the actual and necessary expenses incurred in the performance of work-related duties. The application for any credit cards must be approved and signed by the Chief Financial Officer.

The administration shall develop procedures for the use of credit cards and shall include the titles of individuals who control the cards; the method of distribution, if applicable; the types of purchases permitted; and other accounting requirements. These procedures will include who will be responsible for checking receipts and auditing bills. Wherever possible, the credit cards will be consolidated so that a limited number of billings will be experienced by the District.

  • Cross Reference: Administrative Regulation 304.09A

  • Legal Reference: Code of Iowa Chapter 279.8

  • By action of the Board 7/13/92; Revised 6/26/00; Reviewed 11/26/07

  • Edited 11/07; Reviewed 1/14/13


304.10

BUSINESS OPERATIONS

GASB 54

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 Chief Financial Officer 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 (2011).
  • Cross References: Administrative Regulation #304.10A
  • Adopted: 9/26/11