In order to oversee the district's financial integrity, the Governing Board desires to have a clear picture of the district's current financial condition readily available at all times. Audits and quality control reviews shall be conducted in accordance with law.
The Superintendent or designee shall ensure that the district's accounting system provides ongoing internal controls and a means of ascertaining whether the district's income and expenditures are in keeping with the adopted budget.
(cf. 3100 - Budget)
(cf. 3300 - Expenditures/Expending Authority)
(cf. 3460 - Financial Reports and Accountability)
The Board recognizes the importance of accurately identifying and valuing district assets in order to help ensure financial accountability and to minimize the risk of loss or misuse. District assets with a useful life of more than one year and an initial acquisition cost of $5000 or more shall be considered capital assets.
(cf. 3440 - Inventories)
The Superintendent or designee shall determine the estimated useful life of each capital asset and shall calculate and report the estimated loss of value, or depreciation, during each accounting period for all capital assets.
Legal Reference:
EDUCATION CODE
14500-14508 Financial and compliance audits
35035 Powers and duties of superintendent
35250 Duty to keep certain records and reports
41010-41023 Accounting regulations, budge controls and audits
41344 Repayment of apportionment significant audit exceptions
42600-42604 Control of expenditures
42647 Drawing of warrants by district on county treasurer; form; reports, statements and other data
GOVERNMENT CODE
53995-53997 Obligation of contract
Management Resources:
GOVERNMENTAL STANDARDS ACCOUNTING BOARD
Statement 34, Basic Financial Statements - and Management's Discussion and Analysis - For State and Local Governments, June 1999
CDE COMMUNICATIONS
1208.00 Audit Resolution Process: Repayment Plans
WEB SITES
Governmental Accounting Standards Board: http://www.gasb.org
Education Audit Appeals Panel: http://www.eaap.ca.gov
State Controller's Office: http://www.sco.ca.gov/
Policy WAUGH SCHOOL DISTRICT
adopted: October 16, 2001 Petaluma, California