DI Fiscal Accounting and Reporting


The Superintendent will be ultimately responsible for receiving and properly accounting for all funds of the school system.

The school district will maintain a financial accounting system, in accordance with generally accepted accounting principles and requirements prescribed by the Commissioner of Revenue, in which all revenue and expenditure data shall be recorded. This system will be the basis for the district’s periodic reporting of financial data to the Department of Education.

The district will utilize a financial accounting system (accrual-basis accounting) that permits the reporting of all school district expenditures by fund source, object and function, and permits the reporting of certain costs by program, grade level and school. The fund source, object function, program, grade level and school classifications for which reporting shall be required shall be those identified and described with specificity in guidelines for reporting student and financial data published by the Department of Education.

The School Committee will receive periodic financial statements from the Superintendent showing the financial condition of the school district. Such other financial statements as may be determined necessary by either the Committee or the administration will be presented as found desirable.

SOURCE: MASC LEGAL REF.: Board of Education 603 CMR 10:00

NOTE: References to town or city charters may be appropriate at this category, and the content of the policy should be changed accordingly.

First reading: 12-19-07
Second reading, first vote: 01-16-08
Final vote: 02-11-08

File: DI