1. Governmental Accounting Standards
Set by the Governmental Accounting Standards Board
All governmental entities (including NEISD) must follow these standards
The board issued new standard on how we report funds we hold for others (i.e., student activity funds)

2. New Accounting Standard
SAF funds have always been considered as belonging to the students and were recorded as such
The new standard states that if you have administrative control (influence) then you must record these funds as part of the government
The fact that these activities have sponsors qualifies as influence

3. What does this mean?
With the start of school year , SAF funds will now have to follow the same accounting as CAF funds
Biggest headache will be the requirement to follow state purchasing law, including the use bid vendors
No changes required for the recording of transactions by bookkeepers

4. What ARE THE NEXT STEPS?
Communication will be sent to bookkeepers and sponsors
Sponsors/Bookkeepers need to review which vendors they use that are not currently on bid
Sponsors need to communicate to the student groups so they can plan for the change