| Grant County School |
| Bylaws & Policies |
6200 - FUND ACCOUNTING
A fund is a separate group of self-balancing accounts in which all cash, revenues, expenditures and residual balances are recorded and segregated for a specific purpose or objective. For an efficient system of operation, only the minimum numbers of funds necessary for sound financial management should be maintained.
The Grant County Board of Education shall establish the number of funds the schools within the County are authorized to maintain. In establishing the number of funds, the Board will consider the size of the school, the benefits to be derived from maintaining separate funds, and the availability of adequate personnel at the school to perform the accounting tasks required in maintaining separate funds.
The funds that may be maintained at a school are limited to the following:
| A. | General Fund – The fund used to account for the general operations of the school and all other financial resources of the school except those accounted for in another fund. Every school is required to maintain a General Fund. | |
| B. | Child Nutrition Fund - A fund used to account for the operations of the child nutrition program at each school. | |
| Centralized child nutrition program | ||
| A Child Nutrition Fund will be operated at each school with a child nutrition program. |
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In a centralized child nutrition program, the Child Nutrition Fund may be closed and the activities of the child nutrition program recorded in the General Fund. |
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| C. | Faculty Senate Fund – A fund used to account for the revenues and expenditures of the school’s faculty senate. | |
| D. | Athletic Fund – A fund used to account for the revenues and expenditures of the athletic programs at each school. |
A separate set of accounting records and a separate bank depository account must be maintained for each fund maintained by a school.
All bank accounts in which school funds are deposited must contain the name of the County Board, the name of the school and the County Board’s Federal Employer Identification Number (FEIN). The school principal and the chief school business official of the County must have signature authority for every such bank account.
A school may establish as many separate sub-accounts within each fund as is considered necessary to accurately account for the financial activity of the school.
WV State Board of Education Policy 1224.1-5