SSL Certificate
St. Francis Area Schools
A PreK-12 public school district serving the communities of Athens Township, Andover, Bethel, East Bethel, Linwood Township, Nowthen, Oak Grove, St. Francis and Stanford Township

602 Accounting

[Note:  The provisions of this policy reflect the applicable statutes and are not discretionary in nature.]
 
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 Financial 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 also provide for the publication of the financial information specified in Minn. Stat. § 123B.10 in the manner specified therein.
 
 
Legal References:   

Minn. Stat. § 123B.75 (Revenue)
Minn. Stat. § 123B.76 (Expenditures)
Minn. Stat. § 123B.77 (Accounting, Budgeting and Reporting Requirements)
Minn. Stat. § 123B.78 (Cash Flow, Revenues, Borrowing, Deficits)
Minn. Stat. § 123B.79 (Permanent Fund Transfers)
Minn. Stat. § 123B.80 (Exceptions for Permanent Fund Transfers)
Minn. Stat. § 123B.09 (School Board Powers)
Minn. Stat. § 123B.14, Subd. 7 (Duties of School Board Clerk)
Minn. Stat. § 123B.02 (School District Powers)
Minn. Stat. § 123B.10 (Publication of Financial Information)
 
Adopted:   March 26, 2007      

School Board
Independent School District N0.15
St. Francis, Minnesota

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