An audit of all district accounts will be made annually by an accountant selected by the board from the roster of authorized municipal accountants maintained by the Oregon Board of Accountancy. The audit examination will be conducted in accordance with minimum auditing standards established by the Secretary of State.
The district will maintain an inventory of all fixed assets in accordance with governmental accounting standards. The district’s inventory will be updated annually to include property newly purchased and disposed.
The board will receive a monthly financial reports that include estimates of expenditures for the general fund in comparison to budget appropriations, actual receipts in comparison to budget estimates and the district’s overall cash condition. Supplementary reports on other funds or accounts will be furnished upon request of the board or superintendent.
The board recognizes that the district incurs certain losses not covered by insurance policies; therefore, an insurance reserve fund will be established. The fund will cover, but is not limited to, the following incidents:
Accounting procedures shall show a detailed and meaningful analysis of both receipts and expenditures. This analysis should be adequate for study and evaluation by the board and school management, and will serve as a basis to make financial and related educational decisions, to formulate future plans, to safeguard public funds and to ensure adequate financial accountability.
The board will, at its annual organizational meeting following July 1, or at other times deemed necessary by the board, designate one or more banks which meet district, state and federal guidelines as official depositories for district funds.
