DI — Fiscal Accounting and Reporting

The District’s accounting system will be in conformance with the New Hampshire Financial Accounting Handbook published by the State Department of Education. An adequate system of encumbrance accounting will be maintained.

The following purposes must be satisfied by the accounting system:

  1. Administrative Control: The financial records must be adequate to guide the making or deferring of purchases, the expanding or curtailing of programs, and the controlling of expenses. Current data should be immediately available and, in such form, that periodic summaries may be readily made from the data.
  2. Budget Preparation: The financial records must be adequate to serve as a guide to budget estimates of subsequent years, and to hold expenditures to the amounts appropriated. Accounts are to be kept for each item for which separate budget estimates must be made. An adequate code of expenditure accounts will be used.
  3. Accounting for Stewardship: The financial records of the district must be adequate to show that those in charge have handled funds within the framework of law and in accordance with Board policy.

The district’s financial records will provide the following information:

  1. For each account in the district’s budget: the appropriation, appropriation transfers, expenditures, encumbrances, and unencumbered balance.
  2. For each purchase order: the name of vendor, description of the item involved, the amounts, the call for bids if required, and an abstract of the bids received. Purchase order sets will be pre-numbered, and each set accounted.
  3. For each purchase: the purchase order information above, plus the record of the receipt and condition of goods, the invoice and the record of payment.
  4. For each income account: the budget estimate, the estimates as revised periodically, the receipts to date, and the balance anticipated.
  5. Offsetting revenues received will be credited to the appropriate revenue account as defined by the State Department of Education.  Refunds received will offset an expense account.  Refunds received on expenses from the prior year will be credited to the Refund from Prior Year revenue account.

The School Board shall receive financial reports and statements showing the financial condition of the School District. These statements/reports shall be prepared a minimum of four times during the school year, two of which shall contain estimates to project cost for the full year. The School Board may ask for a statement or report at any time.

 

First Read:  January 5, 2021

Second Read:  January 19, 2021

Adoption: January 19, 2021