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[DI: Fiscal Accounting and Reporting]

The Board is under a duty to administer, expend and account for its budget. The role of the Superintendent is to provide the administrative services to the Board, including but not limited to, payroll, cash flow, bills, records and files, accounts, reporting requirements, funds management, audits and coordination with the treasurer and advisory boards on policies necessary for compliance with all state and federal law regarding purchasing.

The District's accounting system will be in conformance with the New Hampshire Financial Accounting Handbook II (revised) published by the State Department of Education and accepted accounting principles. An adequate system of encumbrance accounting will be maintained.

The Finance Committee and the Board shall receive financial reports and statements showing the financial condition of the School District. These statements/reports shall be prepared on a scheduled basis during the school year and shall contain projected costs for the full year including actual encumbered expenses. The Board may ask for a statement or report at any time from the Superintendent and Chief Financial Officer.

The following purposes must be satisfied by the accounting system:

1.  Administrative Control:  The financial records must be adequate to guide the making or deferring of purchases, the expanding or curtailing of programs, and the controlling of expenses.  Current data should be immediately available and in such form that periodic summaries may be readily made from the data.

2.  Budget Preparation:  The financial records must be adequate to serve as a guide to budget estimates of subsequent years, and to hold expenditures to the amounts appropriated.  Accounts are to be kept for each item for which separate budget estimates must be made.  An adequate code of expenditure accounts will be used.

3.  Accounting for Stewardship:  The financial records of the district must be adequate to show that those in charge have handled funds within the framework of law and in accordance with Board policy.

The district's financial records will provide the following information:

1.  For each account in the district's budget:  the appropriation, appropriation transfers, expenditures, encumbrances, and unencumbered balance.

2.  For each purchase order:  the name of vendor, description of the item involved, the amounts, the call for bids if required, and an abstract of the bids received.  Purchase order sets will be numbered, and each shall be accounted for.

3.  For each purchase:  the purchase order information above, plus the record of receipt and condition of goods, the invoice and the record of payment.

4.  For each income account:  the budget estimate, the estimates as revised periodically, the receipts to date, and the balance anticipated.

5.  Offsetting revenues received under an abatement will be debited to the appropriate previously expended account.

Legal References

NH RSA 194-C:4

City Charter Section 6.06

NH Ed. Regs. 302.01(e); 302:02 (e) (j)

History: Revised From 04/10/2000

First Reading Policy Committee: 12/21/2022

Second Reading and BOSC Adoption: 01/09/2023