8400                                                              

REVENUES

8400

The administration shall use funds and account groups to report its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain school system functions or activities.

The uniform budget format requires the following funds:

The State Public School Fund

The Local Current Expense Fund

The Capital Outlay Fund

In addition, other funds may be required to account for trust funds, federal grants restricted as to use, and special programs. The administrative unit shall maintain those funds shown in the uniform budget format that are applicable to its operations.

Legal Reference: G.S. 115C-426

Adopted: December 13, 1976

Revised: January 21, 1992