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804 – Financial Accounting System

The Uniform Financial Accounting for Iowa School Districts and Area Education Agencies shall be used as the system for financial accounting for the District. Revenues and expenditures shall be promptly classified in the accounting system by proper fund and subaccount.

Financial records of the District shall be maintained in accordance with generally accepted accounting principles (GAAP) as required or modified by law. District monies shall be received and expended from the appropriate fund and/or account. The funds and accounts of the District shall include, but not be limited to:

Governmental fund type:

  • General Fund
  • Special revenue fund

–Management levy fund

–Public education and recreation levy fund

–Student activity fund

  • Capital projects fund
  • –Physical plant and equipment levy fund
  • Debt service fund

Proprietary fund type:

  • Enterprise fund

–School nutrition fund

–Child care fund

–Community education fund (if not included in PERL fund)

–Building trades fund

  • Internal service fund

Fiduciary funds:

  • Trust or agency funds

–Expendable trust funds

–Nonexpendable trust funds

–Agency funds

–Pension trust funds

Governmentwide Funds:

  • Governmental long-term fixed assets fund
  • Governmental long-term debt/liability fund

As necessary the Board may, by resolution, create additional funds within the governmental, proprietary and fiduciary fund types. The resolution shall state the type of fund, name of the fund and purpose of the fund.

The general fund is used primarily for the education program. Special revenue funds are used to account for monies restricted to a specific use by law. Proprietary funds account for operations of the school district operated similar to private business, and they account for the costs of providing goods and services provided by one department to other departments on a cost reimbursement basis. Fiduciary funds are used to account for monies or assets held by the District on behalf of, or in trust for, another entity. The governmentwide funds are the accounting records for fixed assets and long-term debt.

Date of Revision: March 23, 2015

Legal References: 11.6, Chapter 12C, 256.9(18), 278.1, 279.41, 279.42, 279.52, 283A.5, 291.6, 291.7, 297.10, 297.22, 297.36, 298.3, 298.4, 298.10, 298.13, Chapter 298A, 300.2, 473.20, Code of Iowa; 281 I.A.C. 12.3(1)


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