Code No.: 802.2
FINANCIAL RECORDS
Policy: 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:
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
fund) 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.
Approved 1/16/89
Revised 11/18/96
Reviewed 1/17/00
Revised 1/3/06
Revised 6/20/11
Revised 4/18/16
Revised 6/19/17
Governmental fund type:
General fund
Special revenue fund
–Management levy fund
–Public education and recreation
levy fund
–Student activity fund
Capital projects fund
–Physical plant and equipment levy
fund (PPEL)
–Secure an Advance Vision for
Education (Save)
Debt service fund
Fiduciary funds:
Trust
–Expendable trust funds
–Nonexpendable trust funds
–Pension trust funds
Agency funds
Account Groups
General capital assets account group
General long-term debt account group
Proprietary fund type:
Enterprise fund
–School nutrition fund
–Child care fund
Internal service fund