8200

ACCOUNTING SYSTEM

8200

The administration shall establish and maintain a financial accounting and reporting system designed to show the school system's assets, liabilities, equities, revenues, and expenditures. The system shall also be designed to show appropriations and estimated revenues as established in the budget resolution as originally adopted and subsequently amended.

The accounting and financial reporting system shall be designed to meet the following financial reporting objectives:

1.

The financial reporting system should assist in fulfilling the school system’s duty to be publicly accountable and should enable users to evaluate that accountability.

2.

The financial reporting system should assist users in evaluating results of the school system’s operations for the year.

3.

The financial reporting system should assist users in assessing the level of services that can be provided by the school system and the system's ability to meet its financial obligations as they become due.

Legal Reference: G.S. 115C-440

Adopted: August 9, 1976

Revised: January 21, 1992