MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Statement of Guiding Principles CODE NO. 800
The Board of Directors recognizes that its primary purpose is to provide the best education possible within the limits of the established curriculum and the financial ability of the school district. The Board of Directors also recognizes its deep responsibility to the citizens of the school district for the efficient use of public funds. It shall, therefore, be the duty of the Board of Directors (1) to see to it that public funds are used as effectively as possible in the service of our district's children; and (2) to report to the public regularly about such use.
APPROVED: 3/14/94 REVISED: REVIEWED: 1/11/99
REVIEWED: 6/11/07
REVIEWED: 3/12/12
LEGAL REFS: Iowa Code Sections 279.34; 280.3; 280.12; 379.35
MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Governmental Accounting Practices and Regulations CODE NO. 800.1
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 Superintendent 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.
APPROVED: 7/12/11 REVISED: REVIEWED: 8/8/11
REVIEWED:
REVIEWED:
LEGAL REFS: Iowa Code Sections 257.31(4); 279.8; 297.22; 298A (2011).
MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Planning the Budget CODE NO. 801.1
Planning the budget document shall be a continuous process and shall involve long-term thought, study, and deliberation by the superintendent of schools, the Board of Directors, the administrative staff, the faculty, and the citizens of the school district.
Planning shall be done in three major phases:
1. Assessment of the educational program and its impact upon the budget;
2. Assessment of the district's estimated income;
3. Assessment of the district's estimated expenditures.
APPROVED: 3/14/94 REVISED: REVIEWED: 1/11/99
REVIEWED: 6/11/07
REVIEWED: 3/12/12
LEGAL REFS: Chapters 8; 24; 298; 442
MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Preparation of the Budget Document CODE NO. 801.2
The preparation of the formal budget document shall be the responsibility of the Superintendent of Schools. The Superintendent of Schools shall present to the Board of Directors at its regular meeting in March a preliminary budget projection of the financial needs of the School District for the ensuing fiscal year. A complete budget shall be prepared by the Superintendent of Schools for a budget hearing to be held not later than April 15 of each year.
APPROVED: 3/14/94 REVISED: REVIEWED: 1/11/99
REVIEWED: 8/13/07
REVIEWED: 3/12/12
LEGAL REFS: Chapters 24; 257; 273; 442
MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Requirements of the Budget Document CODE NO. 801.3
The budget document must include the following information:
1. The estimated amount of income for the several funds from sources other than taxation;
2. The amount proposed to be raised by taxation;
3. The amount proposed to be expended in each and every fund and for each and every purpose during the ensuing fiscal year;
4. A comparison of the amounts proposed to be expended with amounts expended for like purposes during the two preceding years;
5. Fully itemized and classified estimates for each particular class of proposed expenditure, showing under separate headings the amounts required, in such a manner and form as prescribed by the State Board.
The budget document shall also contain a brief explanatory section to show any program changes for the ensuing year that may be responsible for changes in expenditures.
APPROVED: 3/14/94 REVISED: REVIEWED: 1/11/99
REVIEWED: 8/13/07
REVIEWED: 3/12/12
LEGAL REFS: Chapter 24.3; 24.5; 298.1
Chapter 442
MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Publication of the Budget CODE NO. 801.4
The Board of Directors shall adopt, for publication, an approved budget* for the ensuing year. This approved budget shall be filed with the secretary of the Board at least 20 days before April 15 of each year.
The Board of Directors shall cause this approved budget to be published in the legal newspaper of the school district, together with the time and place established for public review of the budget.
APPROVED: 3/14/94 REVISED: REVIEWED: 1/11/99
REVIEWED: 8/13/07
REVIEWED: 4/09/12
LEGAL REFS: Chapter 24.9; Chapter 442; Section 618.14
* Note: This refers to the certified budget, not to the educational program plan with its corresponding line item appropriations.
MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Public Review of the Budget CODE NO. 801.5
The Board of Directors shall establish and publish the time and place for public review of the budget document. This public hearing shall be held no later than April 15 of each year, and a notice of the hearing shall be published at least 10 days in advance.
The verified proof of publication of such notice, together with the certified budget, shall be filed in the office of the county auditor and preserved by that office. No levy shall be valid unless and until such notice is published and filed.
APPROVED: 3/14/94 REVISED: REVIEWED: 1/11/99
REVIEWED: 8/13/07
REVIEWED: 4/09/12
LEGAL REFS: Chapter 24.9 through 24.11; Chapter 442
Iowa Administrative Code 618.14
Note: Although Iowa Code Sections 24.27 through 24.29 permit citizen groups of the district to file a formal protest against a budget adopted by the Board, at least three of the persons filing such a complaint must have filed a joint written objection at or before the budget hearing of the Board for the protest to be valid, and for the county auditor to pursue the protest.
MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Budget Adoption by the Board CODE NO. 801.6
The Board of Directors shall, after the public budget hearing, adopt the final budget for the ensuing year and certify it to the levying Board.
The final budget shall be certified by the President of the Board of Directors in duplicate to the county auditor no later than April 15 of each year, on forms prescribed by the state.
APPROVED: 3/14/94 REVISED: REVIEWED: 1/11/99
REVIEWED: 9/17/07
REVIEWED: 4/09/12
LEGAL REFS: Iowa Code Sections 24.12; 24.17; Chapter 442; Section 618.14
MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Budget as a Spending Plan CODE NO. 801.7
The final certified budget shall be considered as the authority for all expenditures to be made during the fiscal year.
Any expenditure to be made that exceeds the final certified budget shall be made only in accordance with procedures specified in the Code of Iowa. These procedures permit the expenditure of closing cash balances of the preceding fiscal year and the expenditures of unanticipated income from sources other than taxation during a fiscal year by amending the budget. The Board of Education, upon approving an amended budget, shall file and publish the same and give notice of a public hearing within twenty days after approving an amended budget.
APPROVED: 3/14/94 REVISED: REVIEWED: 1/11/99
REVIEWED: 9/17/07
REVIEWED: 4/09/12
LEGAL REFS: Chapter 24.9; 24.14; 442.9
MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Transfer of Inactive Student Activity Account Funds CODE NO.801.8
When the necessity for maintaining any account has ceased to exist a balance remains in said account, the Board of Directors, at its annual meeting in July, shall so declare by resolution and upon such declaration shall transfer said balance to the fund or funds designated by the Board.
APPROVED: 3/14/94 REVISED: REVIEWED: 1/11/99
REVIEWED: 9/17/07
REVIEWED: 5/14/12
LEGAL REFS: Chapter 24.21; 24.22
MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Financial Accounting System CODE NO. 801.9
The Board of Directors of the MOC-Floyd Valley School District adopts the Uniform Financial Accounting for Iowa School Districts and Area Education Agencies.
APPROVED: 3/14/94 REVISED: REVIEWED: 1/11/99
REVIEWED: 9/17/07
REVIEWED: 5/14/12
LEGAL REFS: 11.23; 257.10; 257.18
MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Lunch Fund Accounting CODE NO. 801.10
A. The Superintendent shall have direct supervision over all lunch activities.
B. The Superintendent shall be responsible for the collection of lunch money and the proper accounting of same. Such money shall be deposited in the bank and two deposit slips obtained, one to be filed in the superintendent's office, and the other to be turned over at the end of the month to the Secretary of the Board of Education.
C. No money may be paid except by check. No check shall be written except for properly presented invoices, or for contractual items set up by the Board. Checks may be written by the Superintendent or the Secretary of the Board as the Board may direct.
D. The Superintendent shall keep accurate records of all lunch transactions upon the forms specified by the Department of Education. At the end of each month he shall make reports required by the Bureau of Food and Nutrition and shall submit a like report to the Board of Education.
APPROVED: 3/14/94 REVISED: REVIEWED: 1/11/99
REVIEWED: 10/08/07
REVIEWED: 5/14/12
LEGAL REFS:
MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Student Activity Funds CODE NO. 801.11
Revenue raised by students or from student activities shall be deposited and accounted for in the student activities fund. This revenue is the property of and shall be under the financial control of the Board. Prudent and proper accounting of all receipts and expenditures in these accounts are delegated to the Superintendent of Schools, who will make financial reports to the Board monthly.
Whether such revenue is collected from student contributions, club dues, and special activities or result from admissions to special events or from other fund-raising activities, all funds will be under the jurisdiction of the board and under the specific control of the superintendent. They will be deposited in a designated depository and will be disbursed and accounted for in accordance with instructions issued by the superintendent.
Student activities include interscholastic athletics, school entertainment, publications, clubs, and any other co-curricular extra class or extra curricular activity.
Public tax money may be expended for related student activity expenditures if, by resolution of the Board, these activities are declared to be desired to be taught and be included among the activities of the school. Expenditures to be made from the operating fund may include salaries, equipment, supplied and other instructional costs of any such school activity. Certain expenditures listed below are prohibited from being made from public tax monies. Transfers from the operating fund to the student activity fund may be made to make up deficits for any activity when approved by Board resolution.
Expenditures that must be made from student activity fund (not the operating fund), include the following.
1. Travel expenses for supervisors and participants
2. Uniform acquisition and maintenance
3. Medical and hospital insurance and costs related to student participation
4. Fees for referees and judges
5. Costs of promoting and sponsoring contests and exhibitions including related supplies, royalties for class plays, tickets, etc.
6. Membership fees and student activity related associations.
An excess of revenues over expenditures for any student activity remains under the control of the Board and may not be distributed to any individual member of such activity. Upon dissolution of such activity, such as a graduating class, drama club, etc., the indicated surplus may be used to support other student activities or transferred to the general fund at the discretion of the Board.
APPROVED: 3/14/94 REVISED: 12/7/98 REVIEWED: 1/11/99
REVIEWED: 10/08/07
REVIEWED: 5/14/12
LEGAL REFS: Iowa Code SS 11.23; 279.8 (1997).
CROSS REFS: 504 Student Activities
701 Financial Accounting System
MOC-FLOYD VALLEY COMMUNITY SCHOOL DISTRICT
Business Procedures
800
POLICY TITLE: Student Activity Accounts Accounting CODE NO.801.11R
A. All activities shall be under the direct supervision of the superintendent and shall be administered in compliance with policies set up by the Board of Education.
B. All money received into the office shall be deposited in one Student Activity Account Fund, except for the lunch money which shall be deposited in a special Lunch Fund.
1. Money received for textbooks and other money due the School General Fund, shall be accounted for separately, but shall be deposited and expended in the Student Activity Account Fund.
2. Petty Cash: The superintendent shall have authority to set up a Petty Cash Fund within the Student Activity Account Fund for postage and other items for which recourse cannot be made to immediate payment by the Board of Education. At no time shall the expenditures from this Petty Cash Fund exceed $150.00 in the Superintendent's Office and $100.00 in each building. When the expenditures approach the limit, the superintendent shall certify to the Board the amounts and nature of the expenditures and request that these amounts be paid to the Petty Cash Fund from proper General Fund accounts. Reports of the Petty Cash Fund shall be made monthly to the Board of Education.
3. All money received from the school activities shall be carried in the Student Activity Account fund.