1. NJASBO School Finance/Accounting
John Serapiglia
NJSBO network password: secretnetwork
My cell:

2. 2018 Class meeting dates September 8, 22, 29 October 6, 13, 20, 27
November 3, 10, 17
10 Sessions/55 hrs
Start time 9:00 am

3. What is on today’s agenda?
Board Secretary / BA overview
Board meetings Report of the Treasurer
Report of the Board Secretary
Quick overview of Chart of accounts

4. Board Secretary Two job functions
Prepare Agenda for Board meetings
Take minutes of Board meetings
In this job capacity you work for Board
Information is key

5. Board meetings What are they? How often held? Who attends?
Different types
Work Session
Regular
Reorg (handout)
Committee

6. Board meetings cont’d Structure What is your responsibility
Agenda / minutes
Platform for discussion
Review prior agendas / minutes to see how to set up
Consent agendas
Know laws for votes (handouts)
Ethics

7. Business Administrator functions
Budget / Finance
Purchasing
Payroll
Custodial / Maintenance
Transportation
Food Service
Insurance
Legal
Core Curriculum
Negotiations
Grants
State Aid
NCLB / IDEA

8. Uniform Chart of Accounts
Accounts and account numbers used by all NJ School Districts
Conforms with Generally Accepted Accounting Principles (GAAP)
Consistent with National Center for Education Statistics (NCES) chart of accounts

9. Where to find it???

10. Basic Accounting Terms
ASSET – accounts that exhibit what a school district owns, is owed, and has retained for future economic benefit
LIABILITY – accounts that exhibit what a school district owes
FUND BALANCE – accounts that exhibit how much a school district would have if the assets were liquidated and used to pay the liabilities

11. Basic Accounting Terms
REVENUE – Money received directly or indirectly to fund government operations
APPROPRIATION – Money authorized for specific expenditure by an elected body or the public

12. Basic School Accounting Terms
Purchase Order – Indicates amount, vendor, quantity account to be charged
Encumbrance – Commitment made by district to purchase / spend money in a given accounting line

13. Fund Accounting
Governmental fund accounting measures fund financial position and changes in fund financial positions – sources, uses, and balances of net fund financial resources – rather than net income
A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts

14. Funds Fund 10: General Fund (3 main parts)
Fund 11: General Current Expense
Fund 12: Capital Outlay
Fund 13: Special Programs
Fund 20: Special Revenue (Grants)
Fund 30: Capital Projects
Fund 40: Debt Service Fund
Fund 50: Permanent Fund
Fund 60: Enterprise
Fund 80: Trust funds
Fund 90: Agency Funds

15. Basic Fund Accounting Equation
GENERAL FUND
Current Assets – Current Liabilities = Fund Balance
Does not provide for fixed assets or long-term debt

16. Budgetary Basis of Accounting
School districts maintain their accounts on the budgetary basis of accounting during the year, for budgetary control and for interim and annual budgetary reporting purposes
At year end, the accounts are adjusted to the GAAP basis, or accrual basis of accounting (expenses recorded when they occur; not when cash exchanged)
We set up budget at beginning of year and work off of that