702–Accounting

POLICY:  702

ADOPTED: December 2002

Revised: July 2003

702      ACCOUNTING

I. PURPOSE

The purpose of this policy is to adopt the Uniform Financial Accounting and Reporting Standards for Minnesota School Districts provided for in guidelines adopted by the Minnesota Department of Children, Families and Learning.

II. GENERAL STATEMENT OF POLICY

It is the policy of this regional district to comply with the Uniform Financial Accounting and Reporting Standards for Minnesota School Districts.

III.  MAINTENANCE OF BOOKS AND ACCOUNTS

The NWSC shall maintain its books and records and do its accounting in compliance with the Uniform Accounting and Reporting Standards for Minnesota School Districts (UFARS) provided for in the guidelines adopted by the Minnesota Department of Children, Families and Learning and in compliance with applicable state laws and rules relating to reporting of revenues and expenditures.

IV. PERMANENT FUND TRANSFERS

Unless otherwise authorized pursuant to Minn. Stat. § 121.9121, as amended, or any other law, fund transfers shall be made in compliance with UFARS and permanent fund transfers shall only be made in compliance with Minn. Stat. §121.912, as amended.

V. REPORTING

The governing board shall provide for an annual audit of the books and records of the NWSC to assure compliance of its records with UFARS.

Legal References:        Minn. Stat. §121.904

Minn. Stat. §121.906

Minn. Stat. §121.908

Minn. Stat. §121.911

Minn. Stat. §121.912

Minn. Stat. §121.9121

Minn. Stat. §123.33

Minn. Stat. §123.34

Minn. Stat. §123.35