1 CCR 301-11
DEPARTMENT OF EDUCATION Colorado State Board of Education AMENDMENTS TO THE RULES FOR ACCOUNTING AND REPORTING 1 CCR 301-11 [Editor’s Notes follow the text of the rules at the end of this CCR Document.] Adopted: 10-2-75, 11-12-92, 12-9-93, 3-6-08 Attorney General Opinion: 11-21-75, 12-15-92, 12-17-93 Statutory Authority: 22-45-101, 22-45-102, 22-45-103, 22-30.5-104, 22-30.5-503, 22-2-107(l)(c), C.R.S. 2245-R-1.00 Applicability.
The rules stated herein shall apply to Colorado public school districts, the charter school institute, charter schools, and boards of cooperative educational services. 2245-R-2.00 No Tax Authority.
Establishment of a fund under these rules confers no authority to levy a tax for the purpose of the fund, except as otherwise established by statute.
2245-R-3.00 Funds and Accounts Structure.
The local board of education shall establish within the funds and accounts structure stated herein those local school district funds and accounts necessary to meet legal requirements, Colorado Department of Education reporting requirements, and generally accepted principles of governmental accounting. In addition to the funds created in statute (Section 22-45-103, C.R.S.), the following funds are available for school district financial accounting and reporting.
3.01 Charter school fund. Used to track revenues and expenditures of charter schools. The district is not required to include charter school transactions in its financial database for normal day to day operations. However, charter school transactions must be included in the district’s database for automated data exchange (ADE) reporting purposes.
3.02 Special Revenue Funds. The Special Revenue Funds established by the local board of education are used to account for the proceeds of specific revenue sources, other than expendable trusts OR for major capital projects, that are legally restricted to expenditure for specified purposes. Governmental Designated-Purpose Grants may be accounted for in special revenue funds. The general fund portion of blended component units may be accounted for in special revenue funds.
3.03 Pupil Activity Funds. The Pupil Activity Funds may be used to account for revenues and expenditures related to school-sponsored pupil activities supported by revenues from pupils, gate receipts, or fund-raising sources. The Pupil Activity Funds are accounted for as Special Revenue Funds or fiduciary (Trust and Agency) Funds, depending on their purpose and source of funding.
3.04 Building Fund. The Building Fund shall be used to account for the proceeds of bond sales, revenues from other sources, and capital expenditures for land or existing buildings, improvements of grounds, or replacement of equipment as authorized by the local board of education. The Building Fund is accounted for as a Capital Projects Fund.
3.05 Enterprise Fund. Enterprise funds may be used to account for revenues and expenses for activities that are financed and operated in a manner similar to private business enterprises. 3.05(1) The Food Service Fund is an Enterprise Fund that shall be used to account for revenues, non-revenue receipts, and expenses for food service transactions funded in part or in whole through the United States Department of Agriculture Programs including, but not limited to: National School Lunch Program (CFDA 10.555); Special Milk Program for Children (CFDA 10.556); Summer Food Service Program for Children (CFDA 10.559); Nutrition Education and Training Program (CFDA 10.564); and the Food Distribution Program (CFDA 10.550).
3.06 Internal Service Fund. The Internal Service Fund may be used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the school district, or to other school districts, on a cost-recovery basis.
3.07 Fiduciary (Trust and Agency) Funds. The Trust and Agency Funds may be used to account for money and property held by the school district in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and/or other funds. 3.07(1) A private-purpose trust fund may be used to report any trust arrangement under which the principal and/or income benefit individuals or organizations and the funds are not used as part of the operations of the district.
3.08 Permanent fund. The GASB 34 permanent fund is a governmental fund type used to report resources that are legally restricted to the extent that only earnings, and not principal, may be used for purposes that support the reporting government’s programs.
3.09 Foundations. The district will report foundation activity in fund 85 for the automated date exchange, and will indicate that the audit reflects this activity in a specific fund based on the purpose of the foundation.
2245-R-4.00 Statement of Basis and Purpose.
Conforms these regulations to the Accounting and Reporting Law and the School District Budget Law, as amended through the 2007 legislative session. The basis for these rules is found in Article 2 of Title 22, Article 30.5 of Title 22 and Article 45 of Title 22.
4.01 Statement of Basis and Purpose. The basis for these rules is found in C.R.S. Article 45 of Title 22, Accounting and Reporting; Article 30.5 of Title 22, Charter Schools, as well as in Section 22-2- 107(l)(c) which relates to the duties of the state board of education. The Accounting and Reporting law identifies eight funds to be used by school districts in financial accounting and reporting and specifies conditions and requirements regarding the use of these funds. The funds are: General Fund, Bond Redemption Fund, Capital Reserve Fund, Special Building and Technology Fund, Risk Management Reserves, Transportation Fund, Preschool and Kindergarten Program Fund, and Full-day Kindergarten fund.
_____________________________________________________ Editor’s Notes History Entire Rule eff. 04/30/2008.