All payments for purchases made using District allocations are processed through the Accounting Services Department. Payments include those for purchased goods, services, employee travel, etc. Checks are issued each week. Forms 1099 are prepared annually. email@example.com
The Accounting Services Department reviews accounts receivable aging schedules for customers who are not paying their invoices timely. Invoices are created and sent to schools for expenditures paid by the District on their behalf (procurement card transactions, sales/use tax transactions, local funds purchases, etc.)
The District receives state funding based on student enrollment for the 45thday and the 135thday of school. Accounting Services reviews the data prior to submission to the state and compiles a summary report of Average Daily Membership (ADM), Average Daily Attendance (ADA), and Enrollment in the District based on data for the following milestone days of school: 15th, 45th, 90th, 135th, and 180thday.
Accounting Services Department serves as the District liaison with Internal Audit Department to include review of audit reports, development of management response for findings, and assist in implementation of approved recommendations. Also, Accounting Services Department assures the successful completion of the annual external financial audit which includes the generation and publishing of the Comprehensive Annual Financial Report.
The Long Range Facilities Plan and Capital Improvement Program provides for construction of additional schools to meet growth, renovation projects to extend the useful life of facilities, modifications to schools to accommodate growth and academic changes, and maintenance of facilities. The Capital Projects fund is used to account for and report financial resources that are restricted, committed, or assigned for expenditures of capital outlay related to site acquisitions, construction, equipment and renovation of all major capital facilities of the School District.
The Debt Service Fund is used to account for and report the financial transactions of bond and short term debt. General Obligation bonds are sold annually to fund Capital Project expenditures and the payment of Building Equity for Tomorrow Installment Purchase Revenue bonds.
The District follows the capitalization policies established by the Federal Government. Currently, the threshold for machinery and equipment is $5,000 and construction/renovation is $100,000. Other equipment,with a cost of $250 to $5,000, is recorded in the Asset Management System as inventory and not capitalized or depreciated. Individual physical inventories are performed by each location twice annually.