117-6-01 Chart of accounts - school districts.

 

 

 

TO BE RESCINDED

 

117-6-01                      Chart of accounts - school districts.

 

 

 

(A)   Funds: To demonstrate legal compliance and to facilitate sound management, school districts shall maintain financial records on a fund basis. Funds are to be established by each school district based on statutory requirements and accounting  needs. When not authorized or required by statute, the establishment of a new fund requires prior auditor of state approval under section 5705.12 of the Revised Code. A school district should submit its request to auditor of state's chief of local government services division.

 

Funds are to be classified using the current guidelines and definitions established by the "Governmental Accounting Standards Board."

 

(B)     Financial records: All school districts shall maintain the financial records in accordance with the uniform school accounting system (USAS) as prescribed by the USAS manual and subsequent update bulletins issued by the auditor of state.

 

(C)  Balance sheet accounts maybe classified as follows:

 

(1)   Assets and other debits

 

(a)   Equity in pooled cash and cash equivalents

 

(b)   Cash and cash equivalents

 

(i)   In segregated accounts

 

(ii)   With fiscal agents

 

(c)   Investments

 

(i)   Investments

 

(ii)   In segregated accounts

 

(iii)   With fiscal agents

 

(d)  Receivables

 

(i)   Taxes

 

 

(ii)   Accounts

(iii)   Intergovernmental

(iv)   Accrued interest

(v)   Interfund receivables

(vi)   Due from other funds

(vii)   Notes receivable

(viii)   Income tax

(ix)   Property and other local taxes

(e)   Inventory held for resale

(f)  Materials and supplies inventory

(g)   Prepaid items

(h)   Restricted assets

(i)   Equity in pooled cash and cash equivalents

(ii)   Cash and cash equivalents

(iii)   Cash in segregated accounts

(iv)   Cash with fiscal agents

(v)   Investments

(vi)   Investments in segregated accounts

(vii)   Investments with fiscal agents

(i)   Advances to other funds

(j)   Funds on deposit with deferred compensation boards

(k)   Fixed assets

(i)   Investment in joint venture

(ii)   Land

(iii)   Land improvements

(iv)   Buildings and building improvements

(v)   Improvements other than buildings

(vi)   Furniture, fixtures and equipment

(vii)   Vehicles

(viii)   Construction in progress

(ix)   Textbooks and library books

(x)   Other fixed assets

(l)   Accumulated depreciation

(i)   Land improvements

(ii)   Buildings

(iii)   Improvements other than buildings

(iv)   Furniture, fixtures and equipment

(v)   Vehicles

(vi)   Textbooks and library books

(vii)   Other fixed assets

(m)   Other debits

(i)   Amount in debt service fund for retirement of               

(ii)   Provided from general government resources

(iii)   Provided from special resources

(2)   Liabilities

(a)   Accounts payable

(b)   Contracts payable

(c)   Accrued wages and benefits

(d)  Compensated absences payable

(e)   Retainage payable

(f)  Interfund payable

(g)   Due to other funds

(h)   Intergovernmental payable

(i)   Deferred revenue

(j)   Undistributed moneys

(k)   Due to students

(l)   Payroll withholdings

(m)   Matured bonds payable

(n)   Matured interest payable

(o)   Accrued interest payable

(p)   Notes payable

(q)   Claims payable

(r)   Judgments payable

(s)   Capital leases payable

(t)  Advances from other funds

(u)   Deferred compensation payable

(v)   School facilities loan payable

(w)  State delinquent property tax loan payable

(x)   Energy conservation loan payable

(y)   Asbestos removal loan payable

(z)   State operating loan payable

(aa) Early retirement incentive payable (bb) General obligation bonds payable

(3)   Fund equity and other credits

(a)   Investment in general fixed assets

(b)   Investment in joint venture assets

(c)   Net assets held for pool participants

(d)  Net assets held for individual investment accounts

(e)   Contributed capital

(f)  Retained earnings

(i)   Reserved

(ii)   Unreserved

(g)   Fund balances

(i)   Reserved for encumbrances

(ii)   Reserved for inventory

(iii)   Reserved for prepaid items

(iv)   Reserved for debt service principal

(v)   Reserved for debt service interest

(vi)   Reserved for advances

(vii)   Reserved for notes receivable

(viii)   Reserved for contributions

(ix)   Reserved for property taxes

(x)   Reserved for textbooks and instructional materials

(xi)   Reserved for capital improvements

(xii)   Reserved for unclaimed moneys

(xiii)   Reserved for budget stabilization

(xiv)   Designated

(xv)   Unreserved, undesignated

(D)    Nothing in this rule shall preclude a school district from maintaining additional accounts to meet management's objectives and goals.

Replaces:                                                     Part of 117-2-01, Part of 117-2-02, Part of 117-2-03, Part of 117-2-04, Part of 117-2-05, Part of 117-2-06,

Part of 117-2-07, Part of 117-2-08, Part of 117-2-09,

Part of 117-2-10

Effective:	01/23/2006
R.C. 119.032 review dates:	10/27/2005
CERTIFIED ELECTRONICALLY
Certification
01/10/2006
Date
Promulgated Under:	119.03
Statutory Authority:	117.43
Rule Amplifies: Prior Effective Dates:	117.43 1-31-84; 4-30-84; 1-1-86; 3-14-86; 1-1-87; 1-23-89; 8-1-89; 7-1-00