Financial administration requires that each transaction be identified for administrative and accounting purposes. The first identification is by "fund" which is an independent fiscal and accounting entity--requiring its own set of books--in accordance with special regulations, restrictions and limitations that earmark each fund for a specific activity or for attaining certain objectives. Each fund must be so accounted for that the identity of its resources and obligations and its revenues and expenditures is continually maintained.
A fund is an accounting entity consisting of a self-balancing set of asset, liability and equity accounts used to account for the district's financial transactions in accordance with laws, regulations or restrictions. DPI requires reporting of various revenues and expenditures within specified funds.
Instructional funds are funds where elementary and secondary instruction (i.e. K - 12) activities (100 000 function series), pupil support activities (210 000 function series) or instructional staff support (220 000 function series) are recorded (funds 10, 21, 23, 27, 29, 91, 93 and 99).
Debt Service Funds
These funds are used for recording transactions related to repayment of the following general obligation debt: promissory notes (issued per statute 67.12(12)), bonds, state trust fund loans and TEACH loans. Also included in these funds are transactions pertaining to land contract payments and refinancing of debt issues and other district obligations as specified by DPI (funds 38 and 39).
These funds are used to account for the acquisition or construction of capital facilities financed through the use of bonds, promissory notes issued per statute 67.12(12), state trust fund loans, land contracts, an expansion fund tax levy established per statute 120.10(10m) or projects funded with a TIF capital improvement levy (Kenosha School District only) - Funds 41, 44, 45, 46, 48 and 49.
Food and Community Service Funds
These funds are used to account and report transactions of the district's food and community service activities. No K-12 instructional (100 000 series) or instructional support related functions are recorded in these funds (Funds 50 and 80).
Fund 60 Agency Fund
This fund is used primarily to account for assets held by the district for pupil organizations. Funds held for parent organizations may be accounted for in this fund and are accounted for as a liability to the parent organization.
NOTE: SFS will be issuing updated guidance on Fund 60 and other fiduciary activities after GASB finalizes their implementation guide on GASB 84.
These funds are used to account for assets held by the district in a trustee capacity for individuals, private organizations, other governments and/or other funds (funds 72, 73 and 76). The Employee Benefit Trust Fund provides relevant information concerning the establishment of an employee benefit trust and the accounting associated with the trust.
NOTE: SFS will be issuing updated guidance on trust funds and other fiduciary activities after GASB finalizes their implementation guide on GASB 84.
A general description for each fund can be found on pages 5-1 to 5-5 in the WUFAR.
Sample materials containing the basic items which must be included in a 66.0301 cooperative agreement.