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707 ACCOUNTING

A. Purpose The purpose of this policy is to adopt the Uniform Financial Accounting and Reporting Standards for Minnesota School Districts provided for in guidelines adopted by the Minnesota Department of Education. B. General Statement of Policy It is the policy of this school district to comply with the Uniform Financial Accounting and Reporting Standards for Minnesota School Districts. C. Maintenance of Books and Accounts The school district shall maintain its books and records and do its accounting in compliance with the Uniform Accounting and Reporting Standards for Minnesota School Districts (UFARS) provided for in the guidelines adopted by the Minnesota Department of Education and in compliance with applicable state laws and rules relating to reporting of revenues and expenditures. D. Permanent Funds Transfers Unless otherwise authorized pursuant to Minn. Stat. 123B.80, as amended, or any other law, fund transfers shall be made in compliance with UFARS and permanent fund transfers shall only be made in compliance with Minn. Stat. 123B.79, as amended. E. Reporting The school board shall provide for an annual audit of the books and records of the school district to assure compliance of its records with UFARS. The school district shall also, on or before October 1 of each year, provide for the publication of the financial information specified in Minn. Stat. 123B.10.

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