3400 – Business – Management of District Assets/ Accounts – Definitions, Instructions and Procedures

Policy – x
Regulation –
Exhibit –

Adopted – 11/3/1994
Revised –
Accounting Systems

General and budgetary accounting is prescribed by the Education Code and must be in accordance with the California State Department of Education Accounting Manual. (Education Code 41010)

The Superintendent or designee shall provide ongoing internal accounting controls and a means for the accounting of income and expenditures as outlined in the adopted budget.

Audits

All accounts shall be audited annually as prescribed by the Education Code. The audit examination shall be conducted in accordance with the requirements of the State Controller. (Education Code 41020)

By April 1 of each year, the Board shall provide for an audit of all district funds, any other funds which are administered pursuant to a joint powers agreement, and attendance procedures. To conduct the audit, the Board shall select a certified public accountant or public accountant licensed by the State Board of Accountancy.

The audit shall identify all expenditures by source of funds and shall contain the following:

1. A statement that the audit was conducted pursuant to standards and procedures established in the audit guides developed by the State Controller.
2. A summary of audit exceptions and management recommendations.

The Superintendent or designee shall establish a timetable for the completion and review of the audit within the deadlines established by law.

The Superintendent or designee shall file the report of the audit with the County Superintendent of Schools, the Department of Education, and the State Controller no later than December 15. (Education Code 41020).

Encumbering

In order to have a clear picture of the district’s financial condition readily available and as current as possible, the Superintendent or designee shall see that funds are encumbered in the district accounting records immediately after an expenditure is committed for subsequent payment.

Encumbering shall begin July 1 of each year with the amounts established in the district’s preliminary budget. Appropriate adjustments shall be made when the final budget is adopted.

EC 14505, 35035, 35250, 41010-014, EC 41020, 020.3, 020.5, 42600, 601, 603, 647. GC 53995-997.
CDE MGMT ADVISORIES 0531.09, 0514.09, 0105.09, 11211.89, 1027.89, 1017.89
CSBA Date – 10/93

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