West Concord Public Charter School #4214
West Concord, Minnesota
701. ESTABLISHMENT AND ADOPTION OF SCHOOL DISTRICT BUDGET
I. PURPOSE
The purpose of this policy is to establish lines of authority and procedures for the establishment
of the school district's revenue and expenditure budgets.
II. GENERAL STATEMENT OF POLICY
The policy of the school district is to establish its revenue and expenditure budgets in accordance
with the applicable provisions of law. Budget planning is an integral part of program planning so
that the annual budget will effectively express and implement school board goals and the
priorities of the school district.
III. REQUIREMENT
A. The school director and the school district’s accounting firm each year prepare preliminary
revenue and expenditure assumptions for review by the school board or its designated committee
or committees. The preliminary assumptions shall be accompanied by such written commentary
as may be necessary for them to be clearly understood by the members of the school board and
the public. The school board shall review the projected revenues and expenditures for the school
district for the next fiscal year and make such adjustments in the expenditure budget as necessary
to carry out the education program within the revenues projected.
B. The school district must maintain accounts for the school. Expenditures shall be reported in
compliance with Minn. Stat. § 123B.76.
C. Prior to July 1 of each year, the school board shall approve and adopt its initial and reallocated
revenue and expenditure budgets for the next school year. The adopted expenditure budget
document shall be considered the school board's expenditure authorization for that school year.
No funds may be expended for any purpose in any school year prior to the adoption of the budget
document which authorizes that expenditure for that year, or prior to the adoption of an
amendment to that budget document by the school board to authorize that expenditure for that
year.
D. Each year, the school district shall publish its adopted revenue and expenditure budgets for
the current year, the actual revenues, expenditures and fund balances for the prior year, and the
projected fund balances for the current year in the form prescribed by the Commissioner within
one week of the acceptance of the previous year’s final audit by the school board, or November
30, whichever is earlier. A statement shall be included in the publication that the complete
budget in detail may be inspected by any resident of the school district upon request to the school
director. A summary of this information and the address of the school district’s official website
where the information can be found must be published either in a newspaper of general
circulation in the school district or on the school district’s official website. If published on the
school district’s official website, the school district must also publish an announcement in a
qualified newspaper of general circulation in the school district that includes the Internet address
where the information has been posted. At the same time as this publication, the school district
shall publish the other information required by Minn. Stat. 123B.10.
E. The school district must also post the materials specified in Paragraph III.D. above on the
school district’s official website, including a link to the school district’s school report card on the
Minnesota Department of Education’s website, and publish a summary of information and the
address of the school district’s website where the information can be found in a qualified
newspaper of general circulation in the district.
IV. IMPLEMENTATION
A. The school board places the responsibility for administering the adopted budget with the
school director. The school director may delegate duties related thereto to other school officials,
but maintains the ultimate responsibility for this function.
B. The program-oriented budgeting system will be supported by a program oriented accounting
structure organized and operated on a fund basis as provided for in Minnesota statutes through
the Uniform Financial Accounting and Reporting Standards for Minnesota School Districts
(UFARS).
C. The school directoris authorized to make payments of claims or salaries authorized by the
adopted or amended budget prior to school board approval.
D. Supplies and capital equipment can be ordered prior to budget adoption only by authority of
the school board. If additional personnel are provided in the proposed budget, actual hiring may
not occur until the budget is adopted unless otherwise approved by the school board. Other funds
to be expended in a subsequent school year may not be encumbered prior to budget adoption
unless specifically approved by the school board in the expenditure and revenue assumptions.
E. The school district shall make such reports to the Authorizer and Commissioner as required
relating to initial allocations of revenue, reallocations of revenue and expenditures of funds.
Approved: 3/14/13
Revised:
West Concord Public Charter School #4214
West Concord, Minnesota
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 Education.
II.
GENERAL STATEMENT OF POLICY
It is the policy of this school district to comply with the Uniform Financial Accounting and
Reporting Standards for Minnesota School Districts.
III. MAINTENANCE OF BOOKS AND ACCOUNTS
The school district 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
Education 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. 123B.80, 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. 123B.79, as amended or other
applicable statute.
V.
REPORTING
The school board shall provide for an annual audit of the books and records of the school
district to assure compliance of its records with UFARS. Each year, the school district shall
alsoprovide for the publication of the financial information specified in Minn. Stat.
§123B.10 in the manner specified therein.
Approved: 3/14/13
Revised
West Concord Public Charter School #4214
West Concord, Minnesota
703. ANNUAL AUDIT
I.
PURPOSE
The purpose of this policy is to provide for an annual audit of the books and records of the
school district in order to comply with law, to provide a permanent record of the financial
position of the school district, and to provide guidance to the school district to correct any
errors and discrepancies in its practices.
II.
GENERAL STATEMENT OF POLICY
It is the policy of this school district to comply with all laws relating to the annual audit of
the books and records of the school district.
III. REQUIREMENT
A.
The school board shall appoint independent certified public accountants to audit,
examine and report upon the books and records of the school district. The school
board may enter into a contract with a person or firm to provide the agreed upon
services.
B.
After the close of each fiscal year, the books, records and accounts of the school
district shall be audited by said independent certified public accountants in
accordance with applicable standards and legal requirements. The school director and
members of the administration shall cooperate with the auditors.
C.
The school district shall, prior to September 15 of each year, submit unaudited
financial data for the preceding year to the Authorizer and Commissioner for the
Department of Education on forms prescribed by the Commissioner. The report shall
also include those items required by Minn. Stat. § 123B.14, Subd. 7.
D.
The school district shall, prior to December 31 of each year, provide to the Authorizer
and Commissioner and the State Auditor an audited financial statement in a form that
will allow comparison with and correction of material differences in the unaudited
data. The audited financial statement must also provide a statement of assurance
pertaining to compliance with uniform financial accounting and reporting standards
and a copy of the management letter submitted to the school district by its auditor.
The school district shall, prior to November 30 of each year, provide to the
Authorizer and Commissioner audited financial data for the preceding fiscal year. The
school board must approve the audit report by resolution or require a further or
amended report.
E.
The audit must be conducted in compliance with generally accepted Governmental
auditing standards, the Federal Single Audit Act and the Minnesota Legal
Compliance Guide issued by the Office of the State Auditor.
F.
The school board must approve the audit report by resolution or require a further or
amended report.
G.
The school director shall report to the school board regarding any actions necessary to
correct any deficiencies or exceptions noted in the audit.
H.
The accounts and records of the school district shall also be subject to audit and
inspection by the State Auditor to the extent provided in Minn. Stat. Ch. 6.
Approved: 3/14/13
Revised:
West Concord Public Charter School #4214
West Concord, Minnesota
Policies: Byron
Maintaining Inventory on Fixed Assets
Investments
Transporting School Students
Transportation Safety Policy
Student Activity Accounting
Policies – Davin
Electronic Devices?
Financial Controls
Hot Lunch – candy and pop
Volunteer Management Policy
Fundraising
West Concord Public Charter School #4214
West Concord, Minnesota
706. ACCEPTANCE OF GIFTS
I. PURPOSE
The purpose of this policy is to provide guidelines for the acceptance of gifts by the school
board.
II. GENERAL STATEMENT OF POLICY
It is the policy of this school to accept gifts only in compliance with state law.
III. ACCEPTANCE OF GIFTS GENERALLY
The school board may receive, for the benefit of the school, bequests, donations or gifts for any
proper purpose. The school board shall have the sole authority to determine whether any gift or
any precondition, condition, or limitation on use included in a proposed gift furthers the interests
of or benefits the school and whether it should be accepted or rejected.
IV. GIFTS OF REAL OR PERSONAL PROPERTY
The school board may accept a gift, grant or device of real or personal property only by the
adoption of a resolution approved by two-thirds of its members. The resolution must fully
describe any conditions placed on the gift. The real or personal property so accepted may not be
used for religious or sectarian purposes. The School Director may accept gifts with a fair market
value of up to $100 without prior board approval.
V. ADMINISTRATION IN ACCORDANCE WITH TERMS
If the school board agrees to accept a bequest, donation, gift, grant or devise which contains
preconditions, conditions or limitations on use, the school board shall administer it in accordance
with those terms. Once accepted, a gift shall bethe property of the school unless otherwise
provided in the agreed upon terms.
Approved: 3/14/13
Revised:
West Concord Public Charter School #4214
West Concord, Minnesota
714. FUND BALANCES
I. PURPOSE
The purpose of this policy is to create new fund balance classifications to allow for more useful
fund balance reporting and for compliance with the reporting guidelines specified in Statement
No. 54 of the Governmental Accounting Standards Board (GASB).
II. GENERAL STATEMENT OF POLICY
The policy of this school district is to comply with GASB Statement No. 54. To the extent a
specific conflict occurs between this policy and the provisions of GASB Statement No. 54, the
GASB Statement shall prevail.
III. DEFINITIONS
A. “Assigned” fund balance amounts are comprised of unrestricted funds constrained by the
school district’s intent that they be used for specific purposes, but that do not meet the criteria to
be classified as restricted or committed. In funds other than the general fund, the assigned fund
balance represents the remaining amount that is not restricted or committed. The assigned fund
balance category will cover the portion of a fund balance that reflects the school district’s
intended use of those resources. The action to assign a fund balance may be taken after the end
of the fiscal year. An assigned fund balance cannot be a negative number.
B. “Committed” fund balance amounts are comprised of unrestricted funds used for specific
purposes pursuant to constraints imposed by formal action of the school board and that remain
binding unless removed by the school board by subsequent formal action. The formal action to
commit a fund balance must occur prior to fiscal year end; however, the specific amounts
actually committed can be determined in the subsequent fiscal year. A committed fund balance
cannot be a negative number.
C. “Enabling legislation” means legislation that authorizes a school district to assess, levy,
charge, or otherwise mandate payment of resources from external providers and includes a
legally enforceable requirement that those resources be used only for the specific purposes listed
in the legislation.
D. “Fund balance” means the arithmetic difference between the assets and liabilities reported in a
school district fund.
E. “Non-spendable” fund balance amounts are comprised of funds that cannot be spent because
they are either not in spendable form or are legally or contractually required to be maintained
intact. They include items that are inherently un-spendable, such as, but not limited to,
inventories, prepaid items, long-term receivables, non-financial assets held for resale, or the
permanent principal of endowment funds.
F. “Restricted” fund balance amounts are comprised of funds that have legally enforceable
constraints placed on their use that either are externally imposed by resource providers or
creditors (such as through debt covenants), grantors, contributors, voters, or laws or regulations
of other governments, or are imposed by law through constitutional provisions or enabling
legislation.
G. “Unassigned” fund balance amounts are the residual amounts in the general fund not reported
in any other classification. Unassigned amounts in the general fund are technically available for
expenditure for any purpose. The general fund is the only fund that can report a positive
unassigned fund balance. Other funds would report a negative unassigned fund balance should
the total of non-spendable, restricted, and committed fund balances exceed the total net resources
of that fund.
H. “Unrestricted” fund balance is the amount of fund balance left after determining both nonspendable and restricted net resources. This amount can be determined by adding the committed,
assigned, and unassigned fund balances.
IV. CLASSIFICATION OF FUND BALANCES
The school district shall classify its fund balances in its various funds in one or more of the
following five classifications: non-spendable, restricted, committed, assigned, and unassigned.
V. MINIMUM FUND BALANCE
The school district will strive to maintain a minimum unassigned general fund balance of 8
percent of the annual budget.
VI. ORDER OF RESOURCE USE
If resources from more than one fund balance classification could be spent, the school district
will strive to spend resources from fund balance classifications in the following order (first to
last): restricted, committed, assigned, and unassigned.
VII. COMMITTING FUND BALANCE
A majority vote of the school board is required to commit a fund balance to a specific purpose
and subsequently to remove or change any constraint so adopted by the board.
VIII. ASSIGNING FUND BALANCE
The school board, by majority vote, may assign fund balances to be used for specific purposes
when appropriate. The board also delegates the power to assign fund balances to the following:
school director and the school district’s accounting firm. Assignments so made shall be reported
to the school board on a monthly basis, either separately or as part of ongoing reporting by the
assigning party if other than the school board. An appropriation of an existing fund balance to
eliminate a projected budgetary deficit in the subsequent year’s budget in an amount no greater
than the projected excess of expected expenditures over expected revenues satisfies the criteria to
be classified as an assignment of fund balance.
IX. REVIEW
The school board will conduct an annual review of the sufficiency of the minimum unassigned
general fund balance level.
Approved: 3/14/13
Revised:
West Concord Public Charter School #4214
West Concord, Minnesota
750. MILK SERVICE FOR STUDENTS
I. PURPOSE
The purpose of this policy is to establish the procedure to use for the milk program at West
Concord Public Charter School.
II. GENERAL STATEMENT OF POLICY
Students will have access to milk at both snack and lunch time.
Students will prepay for the milk program. When a student’s account reaches a balance of $1.50,
parents will be notified via a note in their child’s planner. Once a child’s account reaches zero,
they will no longer be allow to get milk until they have a positive balance.
Approved: 10/10/13
Revised: