Balance sheet accounts and statement of net asset accounts are used to track financial transactions for each fund. Such financial statements report assets, liabilities, and equity accounts only and are considered "snapshots" of how these accounts stand as of a certain point in time. Each classification is presented by a code number followed by a description.
101 | Cash in Bank. All funds on deposit with a bank or savings and loan institution, normally in non-interest bearing accounts. Interest-bearing accounts, however, that do not meet the definition of an investment (e.g., demand deposits that are interest-bearing) should be recorded herein as well. |
102 | Cash on Hand. Currency, coins, checks, postal, and express money orders, and bankers' drafts on hand. |
103 | Petty Cash. A sum of money set aside to pay small obligations for which the issuance of a formal voucher and check would be too expensive and time consuming. |
104 | Change Cash. A sum of money set aside to provide change. |
105 | Cash With Fiscal Agents. Deposits with fiscal agents, such as commercial banks, for paying matured bonds and interest. |
111 | Investments. Securities and real estate held for producing income in the form of interest, dividends, rentals, or lease payments. Investments should be presented at fair value as of the reporting date. Gains from changes in the fair value of investments are recorded using revenue account 1530. Losses from changes in the fair value of investments are recorded using expenditure object code 930. Alternatively, gains and losses may be netted and recorded in revenue account 1530 . The account does not include capital assets used in school district operations. Separate accounts for each category of investments may be maintained. |
112 | Unamortized Premiums on Investments. The excess of the amount paid for securities over the face value that has not yet been amortized. Use of this account is restricted to short-term money market investments. |
113 | Unamortized Discounts on Investments (Credit). The excess of the face value of securities over the amount paid for them that has not yet been written off. Use of this account is restricted to short-term investments. |
114 | Interest Receivable on Investments. The amount of interest receivable on investments, excluding interest purchased. Interest purchased should be shown in a separate account. |
115 | Accrued Interest on Investments Purchased. Interest accrued on investments between the last interest payment date and the date of purchase. The account is carried as an asset until the first interest payment date after the date of purchase. |
121 | Taxes Receivable. The uncollected portion of taxes that a school district or government unit has levied and that has become due, including any interest or penalties that may be accrued. Separate accounts may be maintained on the basis of tax roll year, current and delinquent taxes, or both. |
122 | Allowance for Uncollectible Taxes (Credit). The portion of taxes receivable estimated not to be collected. The account is shown on the balance sheet as a deduction from the taxes receivable account to arrive at the net taxes receivable. Separate accounts may be maintained on the basis of tax roll year, delinquent taxes, or both. |
131 | Interfund Loans Receivable. An asset account used to record a loan by one fund to another fund in the same governmental unit. It is recommended that separate accounts be maintained for each interfund receivable loan. |
132 | Interfund Accounts Receivable. An asset account used to indicate amounts owed to a particular fund by another fund in the same school district for goods sold or services rendered. It is recommended that separate accounts be maintained for each interfund receivable. |
141 | Intergovernmental Accounts Receivable. Amounts due to the reporting governmental unit from another governmental unit. These amounts may represent grants-in-aid, shared taxes, taxes collected for the reporting unit by another unit, loans, and charges for services rendered by the reporting unit for another government. It is recommended that separate accounts be maintained for each interagency receivable. |
151 | Loans Receivable. Amounts that have been loaned to persons or organizations, including notes taken as security for such loans, where permitted by statutory authority. |
152 | Allowance for Uncollectible Loans (Credit). The portion of loans receivable estimated not to be collected. The account is shown on the balance sheet as a deduction from the other loans receivable account. |
153 | Other Accounts Receivable. Amounts due on open account from private persons, firms, or corporations for goods and services furnished by a school district (but not including amounts due from other funds or from other governmental units). |
154 | Allowance for Uncollectible Accounts Receivable (Credit). A provision for that portion of accounts receivable that is estimated will not be collected. The account is shown on the balance sheet as a deduction from the other accounts receivable account. |
171 | Inventories for Consumption. The cost of supplies and equipment on hand not yet distributed to requisitioning units. |
172 | Inventories for Resale. The value of goods held by a school district for resale rather than for use in its own operations. |
181 | Prepaid Items. Expenditures/expenses paid for benefits not yet received. Prepaid expenses differ from deferred charges in that they are spread over a shorter period of time than deferred charges and are regularly recurring costs of operation. Examples of prepaid expenses are prepaid rent, prepaid interest, and unexpired insurance premiums. |
191 | Deposits. Funds deposited by the school district as a prerequisite to receiving services, goods, or both. |
192 | Deferred Expenditures/Expenses. Certain disbursements that are made in one period but are more accurately reflected as an expenditure/expense in the next fiscal period. |
193 | Capitalized Bond and Other Debt Issuance Costs. Represents certain bond and other debt issuance costs, including lease-purchase debt issuance costs, that are capitalized for the purpose of accounting for the cost/valuation basis of capital assets. This account is used only in proprietary funds, fiduciary funds, and in the business-type activities of the government-wide financial statements. |
194 | Premium and Discount on Issuance of Bonds. Represents amounts to be amortized as debt premium/discount in connection with the issuance of bonds. |
199 | Other Current Assets. Current assets not provided for elsewhere. |
200 | Capital Assets. Those assets that the school district intends to hold or continue to use over a long period of time. Specifically, capital assets include land, improvements to land, easements, buildings and building improvements, vehicles, machinery, equipment, works of art and historical treasures, infrastructure, and all other tangible or intangible assets that are used in operations and that have initial useful lives that extend beyond a single reporting period. This account is used only in proprietary funds, fiduciary funds, and in the government-wide financial statements. |
211 | Land and Land Improvements. A capital asset account that reflects the acquisition value of land owned by a school district. If land is purchased, this account includes the purchase price and costs such as legal fees, filling and excavation costs, and other associated improvement costs incurred to put the land in condition for its intended use. If land is acquired by gift, the account reflects its fair value at the time of acquisition. Further, permanent improvements to land, such as grading and fill, should be accounted for in this account.
Land and land improvements are considered nonexhaustible assets owing to their significantly long expected useful life. Nonexhaustible assets are not to be depreciated. Therefore, assets classified by asset code 211 should result in no depreciation expense. |
221 | Site Improvements. A capital asset account that reflects the value of nonpermanent improvements to building sites, other than buildings, that add value to land. Examples of such improvements are fences, retaining walls, sidewalks, pavements, gutters, tunnels, and bridges. If the improvements are purchased or constructed, this account contains the purchase or contract price. If improvements are obtained by gift, it reflects the fair value at the time of acquisition.
Site improvements are improvements that have a limited useful life. Because these improvements decrease in their value/usefulness over time, it is appropriate to depreciate these assets. Therefore, all capitalized site improvements should be depreciated over their expected useful life. |
222 | Accumulated Depreciation on Site Improvements. Accumulated amounts for the depreciation of land improvements. |
231 | Buildings and Building Improvements. A capital asset account that reflects the acquisition value of permanent structures used to house persons and property owned by the school district. If buildings are purchased or constructed, this account includes the purchase or contract price of all permanent buildings and the fixtures attached to and forming a permanent part of such buildings. This account includes all building improvements, including upgrades made to building wiring for technology. If buildings are acquired by gift, the account reflects their fair value at the time of acquisition. |
232 | Accumulated Depreciation on Buildings and Building Improvements. Accumulated amounts for the depreciation of buildings and building improvements. |
241 | Machinery and Equipment. Tangible property of a more or less permanent nature, other than land, buildings, or improvements thereto, that is useful in carrying on operations. Examples are machinery, tools, trucks, cars, buses, computers, purchased software, furniture, and furnishings. Appendix E provides criteria to distinguish whether a purchase is a supply or a piece of machinery or equipment. |
242 | Accumulated Depreciation on Machinery and Equipment. Accumulated amounts for the depreciation of machinery and equipment. |
251 | Works of Art and Historical Treasures. Individual items or collections of items that are of artistic or cultural importance. |
252 | Accumulated Depreciation on Works of Art and Historical Collections. Accumulated amounts for the depreciation (as applicable) of works of art and historical treasures. |
261 | Infrastructure. A capital asset, network, or subsystem that has a useful life that is significantly longer than those of other capital assets. These assets may include water/sewer systems, roads, bridges, tunnels, and other similar assets. |
262 | Accumulated Depreciation on Infrastructure. Accumulated amounts for the depreciation of infrastructure assets. |
271 | Construction in Progress. The cost of construction work undertaken but not yet completed. |