As specified by the Auditor of State, the Board of Education uses the Uniform School Accounting System as the chart of accounts by which it keeps an accounting of all District funds. The District’s financial records shall show sources of revenue, amounts received, amounts expended, and the disposition of public property. The Treasurer shall complete an accounting of all capital assets to protect the financial investment of the District against catastrophic loss. Further, the Treasurer shall establish procedures and regulations necessary to properly account for capital assets and ensure that the District's capital assets are properly insured.

The Treasurer shall maintain a proper accounting of all District funds. S/He shall ensure that expenditures are budgeted under and charged against those accounts that most accurately describe the purpose for which such monies are to be or have been spent. Wherever appropriate and practicable, salaries of individual employees, expenditures for single pieces of equipment, and the like shall be prorated under the several accounts that most accurately describe the purposes for which such monies are to be or have been spent.

The Treasurer shall receive all vouchers for payments and disbursements made to and by the Board, and preserve them for the statutorily required period.

The Treasurer shall report to the Board and Superintendent on a monthly basis (or more often if required) the revenues and expenditures in the fund reporting categories established above. The Treasurer’s statement shall show revenues and receipts from whatever source derived, the various appropriations made by the Board, the expenditures and disbursements therefrom, the purposes thereof, the balances remaining in each appropriation, and the District’s assets and liabilities. At the end of the fiscal year such statement shall be a complete exhibit of the District’s financial affairs and may be published and distributed with approval of the Board.

The Treasurer is responsible for filing in a timely manner, on behalf of the Board, an annual report with the Auditor of State, on prescribed forms, that states the following: