(A) Funds: To demonstrate legal compliance and to facilitate sound management, school districts shall maintain financial records on a fund basis. Funds are to be established by each school district based on statutory requirements and accounting needs. When not authorized or required by statute, the establishment of a new fund requires prior auditor of state approval under section 5705.12 of the Revised Code. A school district should submit its request to auditor of state's chief of local government services division.
Funds are to be classified using the current guidelines and definitions established by the "Governmental Accounting Standards Board."
(B) Financial records: All school districts and community schools as defined in section 3314.01 of the Revised Code, shall maintain the financial records in accordance with the uniform school accounting system (USAS) as prescribed by the USAS manual and subsequent update bulletins issued by the auditor of state.
Five Year Review (FYR) Dates: 08/28/2015 and 11/06/2020
Promulgated Under: 117.20
Statutory Authority: 117.43
Rule Amplifies: 117.43
Prior Effective Dates: 1/31/84, 4/30/84, 1/1/86, 3/14/86, 1/1/87, 1/23/89, 8/1/89, 7/1/2000, 1/23/06, 4/1/11