Cash is required to be on hand for day to day operations of the school district.  The amount of cash that may be kept in the school building for any one day shall be sufficient for that day’s operations.  Funds raised by students shall be kept in the administrative office.

Cash, not to exceed $500, shall be kept in a locked cabinet in the administrative office at the close of the day.  Cash in excess of $500 shall be deposited in the authorized depository of the school district.

It shall be the responsibility of the board secretary to determine the amount of cash necessary for each day’s operations and to comply with this policy.

 

 

Legal Reference:  Iowa Code §279.8 (1991)

Cross Reference:  801.2    Depository of Funds
                                               804        Revenues

Approved:  4-23-92
Reviewed:  12-11-23            
Revised:             

 

Gate receipts from any given school event have the potential to amount to a substantial sum of cash.  In consideration of the board policy to limit cash in the vault to $500 at the close of the day, cash receipts should be removed and deposited on the same day of the event whenever possible.

In those instances when same day deposits are impossible, gate receipts are to be locked in the building’s vault until the first (1^st) business day when a deposit can be made.  The board discourages the individual in charge of collections of the gate receipts from personally holding the receipts except in special circumstances approved by the administration.

The administration shall be responsible for designating the individual(s) who shall be in charge of collecting, counting and depositing the gate receipts.  The administration shall provide guidelines to be followed by those chosen to handle the receipts.

 

 

Legal Reference:  Iowa Code §279.8 (1991)

Cross Reference:  801.2    Depository of Funds
                                      802.1    Cash in School Building
                                      804        Revenues

Approved:  4-23-92              
Reviewed:  12-11-23            
Revised:  4-14-97

 

GASB (Governmental Accounting Standards Board) 34 requires that districts issue district-wide financial statements using the economic resources measurement focus and accrual basis of accounting.  This requirement means that certain amounts reported in the fund financial statements will need to be restated for the district-wide statements.  In essence, the cost associated with the acquisition of capital assets will be replaced by the cost to use up the asset.  The cost of usage, called depreciation, is reported in the current fiscal period in district-wide statements.

The Government Finance Officers Association (GFOA) suggests a capitalization threshold of an amount that ensures that at least 80 percent of the value of assets are reported, but the threshold should not be greater than $5,000.  The Association of School Business Officials International (ASBO) also recommends that school districts establish a capitalization threshold that ensures that at least 80 percent of the value of  assets are reported, but the threshold should not be greater than $5,000.  The Association of School Business Officials International (ASBO) also recommends that school districts establish a capitalization threshold that ensures that at least 80 percent of the value of assets are reported without exceeding $5,000.

The capitalization threshold will be set at a level to capture 80 percent of the value of assets and periodically reviewed to ensure this percentage is maintained.  Beginning with the 2003-04 school year the capitalization threshold will be established at $2,500.

The district will also keep an inventory of other fixed assets, which fall below the $2,500 capitalization threshold, for insurance purposes.  Beginning with the 2003-04 school year, the fixed asset threshold for insurance purposes will be established at $500.

 

 

Approved:  7-12-04
Reviewed:  12-11-23            
Revised:             

 

The Governmental Accounting Standards Board has ruled that effective with the 2003-04 school year, the Bennett Community School District must implement GASB Statement 34 to determine the capitalization and depreciation policies for capital assets in accordance with GAAP.  The Bennett School will adhere to the following capital assets requirements:

Major Classes – Land, Land Improvements, Buildings, Equipment & Vehicles, Nutrition Equipment, and Construction in process.

               Description

               Year of Acquisition

               Method of Acquisition – Donated, purchased, or grant

               Funding Source

               Purchase Cost

               Salvage Value

Straight Line Depreciation – The capitalization threshold is 80% of the value of all fixedassets.  Items on the annual moveable equipment inventory, with a purchase value of $2,500.00 and above per unit, will be captured for depreciation.

            Useful Lives        Buildings 50 years

Site Improvement 20 years

                                              Equipment 5 years

                                              Vehicles 7 years

                                              Nutrition Equipment 12 years

 

 

Approved:  3-14-05
Reviewed:  12-11-23            
Revised: