The Audit Program Section II - Specific Compliance School District Bookkeeping

Date Issued 6/06 SECTION II – SPECIFIC COMPLIANCE SCHOOL DISTRICT BOOKKEEPING The State Board of Education has, in accordance with law, prescribed a uniform double-entry system of bookkeeping for use in all school districts and is authorized to compel its use. (N.J.S.A. 18A:4-14 and N.J.A.C. 6A:23-2.1) The Uniform Minimum Chart of Accounts for New Jersey Public School (2003 Edition) (COA) was originally published in 1992 with the latest update effective July 1, 2004. The revision incorporates updates made through annual revisions to the budget guidelines and in general accounting memos. The revision in part reflects the National Center for Education Statistics (NCES) reporting requirements and necessary changes for reporting under the GASB 34 financial reporting model and is available on the web site http://www.nj.gov/njded/finance/fp/af/coa/. GASB 34 distinguishes between funds which benefit the district (Permanent funds) and those for which the district acts as a trustee or agent, but where the resources benefit other governments, individuals, or organizations (Trust or Fiduciary funds). Governmental fund 50 should be used to record the accounting for Permanent funds. Expendable trusts that benefit the district should be included in the Special Revenue fund. The Proprietary funds use fund 60 and fund 70, and the Fiduciary funds use funds 80, 90, and 95. When the district uses the reimbursable or pay as you go method for unemployment ...