Jerome Joint School District No. 261

FINANCIAL MANAGEMENT 7200

Accounting System Design

The District accounting system shall be established to present with full disclosure the financial position and results

of the financial operations of the District funds and account groups in conformity with generally accepted

accounting principles. The accounting system must be in compliance with the accounting system requirements

established by legislative action. The accounting system shall be able to demonstrate compliance with finance‐

related legal and contractual provisions.

The financial accounting system used by the district will:

•  Meet all legal requirements;

•  Reflect the financial condition and operation of the district;

•  Follow generally accepted accounting procedure (GAAP);

•  Provide budgetary control for both revenues and expenditures;

•  Establish the necessary funds required by law and the annual budget;

•  Classify revenues by fund and source, and expenses by fund, function, object, location and activity. Such

classifications will permit reporting to governmental agencies consistent with the requirements of the

Idaho Department of Education and U. S. Department of Education;

•  Provide information to enable program analysis.

Policy History:

Adopted on: 11/21/2006

Revised on: