The district shall maintain a system of funds with the county treasurer in accordance with state law and the accounting manual approved by the state superintendent of public instruction. The funds are:
A. General Fund
The fund is financed primarily from local taxes, state support funds, federal
grants, and local receipts. These revenues are used specifically for financing
the ordinary and legally authorized operations of the district for all grades.
The fund includes moneys which have been segregated for the purpose of carrying
on specific activities such as the basic education program, the program for the
handicapped and so on. The fund is managed in accordance with special
regulations, restrictions and limitations and constitutes an independent fiscal
and accounting entity.
B. Capital Projects Fund
The fund contains the proceeds from the sale of bonds, state school
construction matching moneys, transfers from the district's basic education
allotment, the proceeds of special levies earmarked for building purposes,
earnings from capital projects fund investments, rental or lease proceeds, and
proceeds from the sale of property. Permissible expenditures from the sale of
bonds including the interest earnings, thereof, may include the acquisition of
land or existing buildings, improvements to buildings and/or grounds, design
and construction and/or remodeling of buildings, or initial equipment, provided
the proposition approved by the voters authorizing the raising of such moneys
includes these items. Proceeds from other sources may be used for major
renovation and replacement including but not limited to roofing, heating and
ventilating systems, floor covering and electrical systems; renovation of play
fields and other district real property; and energy audits and capital
improvements and major items of equipment and furniture. Any residue within the
fund left over exclusively from an excess levy for a specific purpose must be
transferred to the general fund and subsequent tax collections shall be
credited to the general fund by the county treasurer. Any residue from the sale
of bonds and interest on investments must be transferred to the debt service
fund when no longer needed for the purpose for which it was raised.
C. Debt Service Fund
The fund is for the redemption of outstanding bonds and the payment of bond
interest. The fund is not a warrant fund. Disbursements are made by the county
treasurer by means of treasurer's checks. Provision shall be made annually for
the making of a levy sufficient to meet the annual payments of principal and
semiannual payments of interest. The proceeds from the sale of real property
may be placed in this fund or in the capital projects fund, except for the
amount required to be expended for the costs associated with the sale of such
property.
D. Associated Student Body Program Fund
The board is responsible for the protection and control of student body
financial resources just as it is for other public funds placed in its custody.
The financial resources of the fund are for the benefit of students. Student
involvement in the decision-making processes related to the use of these funds
is an integral part of the associated student body, except that the board may
delegate the authority to a staff member to act as the associated student body
for any school which contains no grade higher than grade six. ASB funds are
public funds and may not be used to support or oppose any political candidate
or ballot measure. Moneys raised by students through recognized student body
organizations shall be deposited in and disbursed from the fund which is
maintained by the county treasurer. The fund is subject to management and
accounting procedures which are similar to those required for all other district
moneys. ASB constitutions shall provide for participation by ASB
representatives in the decisions to budget for and disburse ASB moneys. Private
nonassociated student body fund moneys raised for scholarships, student
exchanges and charitable purposes shall be held in trust by the district.
E. Transportation Vehicle Fund:
The transportation vehicle fund includes the proceeds from the sale of
transportation vehicles; lease, rental, or occasional use of surplus buses;
depreciation reimbursement for district-owned buses; proceeds of transportation
vehicle fund levies; optional transfers from the general fund; and investment
funds coming from the transportation vehicle fund. The transportation vehicle
fund may be used to purchase and/or rebuild buses on a contract or cash basis.
Money may be transferred from the transportation vehicle fund to the debt
service fund exclusively for the payment of debt and interest incurred by the
transportation vehicle fund. Such a transfer does not constitute a transfer of
moneys from the transportation vehicle fund with the meaning of RCW
28A.160.130.
The district shall maintain a system of bank accounts as follows:
A. A district depository and/or transmittal bank account,
B. An associated student body imprest bank account for each school having an associated student body organization approved by the board, and
C. Petty
cash accounts in such numbers as are necessary to meet the petty cash needs of
the schools and divisions of the district. The board may authorize the
establishment of such accounts. Each petty cash account shall be approved by
the board. A custodian shall be appointed for these accounts who shall be independent of invoice processing, check
signing, general accounting and cash receipts functions. If this separation of
functions is not feasible, another employee who is independent of those
functions shall be responsible for reviewing the management of each account.
Legal References: RCW 28A.320.330 School funds enumerated — Deposits in—Use
RCW 28A.325.010 Fees for optional noncredit extra curricular events—Disposition
RCW 28A.325.020 Associated student bodies — Powers and responsibilities affecting
RCW 28A.325.030 Associated student body program fund — Created — Source of funds-Expenditures — Budgeting — Care of other moneys received by students for private purposes
RCW 28A.335.060 Sales of transportation vehicles
RCW 28A.505.140 Rules and regulations for budgetary procedures — Review when superintendent [SPI] determines budget irregularity — Revised budget, state board's financial plan until adoption
RCW 39.44 Bonds — Form, Terms of sale, Payment
RCW 42.17.130 Forbids use of public office or agency facilities in campaigns
RCW 43.09.200 Division of municipal corporations — Uniform system of accounting
RCW 43.09.210 Division of municipal corporations — Separate accounts for each fund or activity
WAC 392-123 Finance —
WAC 392-138 Finance — ASB Moneys
WAC 392-138-055 Imprest bank checking account
WAC 392-138-060 Petty cash funds
State Auditor Bulletin #301, III(E), Petty Cash
Adoption Date: