DI/DIA: Fiscal Accounting and Reporting/Accounting System

Classification: 
D: Fiscal Management
Code: 
DI/DIA

The School Act requires that a board's funds shall be accounted for "in a manner consistent with recognized fund accounting practice, and specific funds shall be designated in accordance with the requirements specified by the Minister." 

The Act also requires that each school district shall maintain budgetary control over expenditures and shall keep records that conform with good accounting practice and procedure. 

In accordance with these legal requirements, the district's accounting system will provide an accurate record of all financial transactions of the school system.  The Secretary-Treasurer is assigned the overall responsibility, through and to the Superintendent of Schools, for receiving and properly accounting for all district monies.  Funds received or disbursed by any agent of the school district will be accounted for promptly and accurately; procedures will conform with "good accounting practices" that include appropriate separation of accounts, funds, special monies, and a bookkeeping system designed to permit easy periodic reviews and audits.

DMT Responsibility: CONT.

Cross References: 
DB and subcodes (all pertain to the budget); DIC Financial Reports and Statements; DIE Audits
Adopted Date: 
Monday October 18, 1982
Revision Date: 
Jul 1994
Jan 1999