As in effect on May 1, 2008
A. "Board" means the Utah State Board of Education.
B. "Modified accrual basis of accounting" means a method under which expenditures other than accrued interest on general long-term debt are recorded at the time liabilities are incurred and revenues are recorded when they become measurable and available to finance expenditures of the current period.
C. "GAAP" means Generally Accepted Accounting Principles, as defined in the"Codification of Governmental Accounting and Financial Reporting Standards," as published by the Governmental Accounting Standards Board.
D. "GAAS" means auditing standards established by the American Institute of Certified Public Accountants, generally referred to as Generally Accepted Auditing Standards.
A. This rule is authorized by Section 53A-1-402(1)(f) which allows the Board to adopt rules regarding financial, statistical, and student accounting requirements, Section 53A-1-404 which allows the Board to approve auditing standards for school boards, Section 53A-1-405 which requires the Board to verify accounting procedures of school boards for the purpose of determining the allocation of Uniform School Funds, and Section 53A-1-401(3) which allows the Board to adopt rules in accordance with its responsibilities.
B. The purpose of this rule is to specify uniform budgeting, accounting, and auditing procedures for school districts consistent with Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS).
School districts shall act consistent with the Annual School Finance and Statistics Workshop Book for Utah School Districts, published by the Utah State Board of Education, April, 1979 and reviewed annually. The Workshop Book contains applicable Utah statutes, applicable Board rules, and uniform rules for:
A. budgeting;
B. financial accounting;
C. student membership and attendance accounting;
D. indirect costs and proration;
E. financial audits;
F. statistical audits; and
G. compliance and performance audits.
The budgeting, accounting, and auditing standards for Utah school districts are amended as follows:
A. Each school district's financial reporting shall be in accordance with Generally Accepted Accounting Principles, (GAAP), which include Generally Accepted Governmental Auditing Standards.
B. Section 53A-19-103 allows school districts to have an undistributed reserve not to exceed five percent of the district maintenance and operation fund budgeted expenditures. The purpose of the reserve is to meet unexpected and unspecified contingencies.
education finance
April 15, 1996
February 26, 2004
53A-1-402(1)(f); 53A-1-404; 53A-1-405; 53A-1-401(3)
Rule converted into HTML by the Division of Administrative Rules.
For questions regarding the content or application of rules under Title R277, please contact the promulgating agency (Education, Administration). A list of agencies with links to their homepages is available at http://www.utah.gov/government/agencylist.html.
For questions about the rulemaking process, please contact the Division of Administrative (801-538-3764). Please Note: The Division of Administrative Rules is not able to answer questions about the content or application of these rules.
The HTML version of this rule is a convenience copy. This information is made available on the Internet as a public service. Please see this disclaimer about information available from www.rules.utah.gov.