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 Hampshire 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 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. Besides these two (2) signatures, at least one (1) other employee at the school must have signature authority.

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
Chart of Accounts for Local Educational Agencies
in the State of West Virginia
West Virginia State Department of Education, Office of School Finance
(February 2, 2004)

Revised 12/3/07
Revised 12/1/08