DI - Financial Accounting and Reporting

File:  DI


            The superintendent or his/her designee shall establish and be responsible for a division's accounting system that will satisfy the Virginia Department of Education's regulations regarding accounting practices and applicable federal, State, and local laws.


Financial Accounting and Reporting

The School Board will receive monthly financial statements, including statements of revenues and expenditures, showing the financial condition of the division as of the last day of the preceding month. School food service funds and textbook funds will be held in separate, interest bearing, bank accounts.



The superintendent or his/her designee will be responsible for the inventory of all fixed assets of the school division. 


School Level Accounting System

Each school is required to maintain an accurate, up‑to‑date accounting system of all money collected and disbursed by the school.  These funds will be deposited in accounts in the name of the school.


            A record of all receipts and disbursements will be maintained in accordance with the ACTIVITIES ACCOUNTS MANUAL as promulgated by the superintendent and in accordance with regulations issued by the State Board of Education.


            The principal will prepare and forward to the superintendent or his/her designee monthly financial statements, including statement of revenues and expenditures, showing the financial condition of the school as of the last day of the preceding month.



In accordance with State statutes and regulations, all financial records of the division will be audited following the close of each fiscal year.    


Adopted:        01/26/04; 04/24/08




Legal Refs:           Code of Virginia, 1950, as amended, sections 15.2-2511; 22.1-68; 22.1-90; 22.1-115 through 22.1-121; 22.1-122.

8 VAC 20-270-10 et seq.

                                8 VAC 20-290-10.

Cross Ref:             DA                          Management of Funds

                                DB                          Annual Budge

                                DG                          Custody and Disbursement of School Funds

DGC                       School Activity Funds

                                DGD                       Funds for Instructional Materials and Office Supplies

                                DJB                        Petty Cash Funds

                                ECA                        Inventory and Reporting of Loss and Damage             

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