School Board Policy 702 -
Adopted: April 28, 1997
REVISED: august 25, 2003
revised: november 8, 2007
revised: december 10, 2012
revised: december 12, 2016
Revised: June 13, 2022
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.
II. 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.
III. Maintenance of Books and Accounts
The school district shall maintain its books and records and do its accounting in compliance with the Uniform Financial 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.
IV. Permanent Fund 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, or other applicable statute.
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. Each year, the school district shall also provide for the publication of the financial information specified in Minn. Stat. § 123B.10 in the manner specified therein.
Minn. Stat. § 123B.02 (School District Powers)
Minn. Stat. § 123B.09 (School Board Powers)
Minn. Stat. § 123B.10 (Publication of Financial Information)
Minn. Stat. § 123B.14, Subd. 7 (Duties of School Board Clerk)
Minn. Stat. § 123B.75 (Revenue)
Minn. Stat. § 123B.76 (Expenditures)
Minn. Stat. § 123B.77 (Accounting, Budgeting and Reporting Requirements)
Minn. Stat. § 123B.78 (Cash Flow, Revenues, Borrowing Deficits)
Minn. Stat. § 123B.79 (Permanent Fund Transfers)
Minn. Stat. § 123B.80 (Exceptions for Permanent Fund Transfers)
WBLASB Policy 703 (Annual Audit)
MSBA Service Manual, Chapter 7, Education Funding