Each year at its annual meeting, the board shall designate by resolution the name and location of the Iowa located financial depository institution or institutions to serve as the official school district depository or depositories.  The board will also designate the maximum amount which may be kept on deposit in each bank.  This amount will be designated the first time a new depository is identified, and will be reviewed at least once every 5 years or when an increase or additional depository is needed. The amount stated in the resolution must be for all depositories and include all of the school district's funds.

It shall be the responsibility of the board secretary to include the resolution in the minutes of the meeting.

 Legal Reference:    Iowa Code §§ 12C; 279.33 (1995). 

 Cross Reference:    210.1  Annual Meeting  

                                206.4  Treasurer

                                704.1  Local - State - Federal - Miscellaneous Revenue

Approved 10/20/11     Reviewed  11/16/22              Revised   7-17-24            

When the necessity for a fund has ceased to exist, the balance may be transferred to another fund or account by board resolution. School district monies received without a designated purpose may be transferred in this manner. School district monies received for a specific purpose or upon vote of the people may only be transferred, by board resolution when the purpose for which the monies were received has been completed.  Voter approval is required to transfer monies to the general fund from the capital projects fund and debt service fund.

If all requirements for district use of funds calculated under the teacher leadership supplement are met and funds remain unexpended and unobligated at the end of the fiscal year, the district may transfer all or a portion of remaining funds into the district’s flexibility account in accordance with law.

Beginning in FY 2024, unexpended and unobligated dollars that remain at the end of a fiscal year in addition to ongoing revenues may be transferred to the Teacher Salary Supplement (TSS) program from Professional Development Supplement (PDS), Talented and Gifted (TAG), and Teacher Leadership Supplement (TLS) without board action.

The district may choose to request approval from the School Budget Review Committee to transfer funds to make a program whole, prior to its elimination. 

Temporary transfers (loans) of funds are permitted between funds but must be repaid to the originating fund, with interest, by Oct. 1 following the end of the fiscal year. 

It is the responsibility of the board secretary to make recommendations to the board regarding transfers and to provide the documentation justifying the transfer.

Legal Reference:  Iowa Code §§ 24.21-.22; 257.10, 279.8; 279.42; 298A. 289 I.A.C. 6

Cross Reference:    703  Budget

Approved 10/20/11     Reviewed  11/16/22              Revised   7-17-24          

The board may establish other funds in accordance with generally accepted accounting principles and may certify other taxes to be levied for the funds as provided by state law.  The status of each fund must be included in the annual report.

It is the responsibility of the superintendent to implement this policy and bring necessary changes in the maintenance of the school district's financial records to the attention of the board.

Legal Reference:           Iowa Code §§291; 298; 298A.  281 I.A.C. 98

Cross References

Approved 10/20/11     Reviewed  7-17-24              Revised  7-17-24                       

School district accounting practices will follow state and federal laws and regulations, generally accepted account 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 provision 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 hightest 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 and board secretary to assign amounts to a specific purpose in compliance with GASB 54,  An 'assigned fund balance' should 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.

Legal Reference:           Iowa Code §§ 257.31(4); 279.8; 297.22-.25; 298A (2013)

Cross Reference:           701.3       Financial Records

                                       703          Budget

                                       704          Revenue

Approved 10/20/11     Reviewed  11/16/22              Revised  7-17-24