BUSINESS SECTION

Policy: 4.15

FINANCIAL ACCOUNTING AND REPORTING

The Superintendent or his/her designee shall establish and be

responsible for the division's accounting system so that it will satisfy the
Virginia Department of Education's regulations regarding accounting
practices and with applicable federal, state and local laws.

The School Board shall submit at least once each year to the City
Council a report of all its expenditures. The annual audit report may
fulfill this requirement.

1. Superintendent's Responsibilities

The Superintendent shall keep an accurate account of all receipts

and disbursements of school funds. The Clerk of the Board, under
supervision of the Superintendent, shall keep such records. The
Superintendent shall regularly inspect the accounts of the Clerk of
the Board to see that all school funds are properly applied.

The School Board will receive monthly financial statements,

including statements of revenues and expenditures, showing the
financial condition of the division as of the last day of the
preceding month. School food service funds and textbook funds
will be held in separate, interest bearing bank accounts.

2. School Level Accounting Procedures

Each school is required to maintain an accurate, up-to-date

accounting system of all money collected and disbursed by the
school. These funds will be deposited in accounts in the name of
the school.

The principal will prepare and forward to the Superintendent or

his/her designee monthly financial statements, including
statements of revenue and expenditures, showing the financial

Adopted: 9/17/74 Revised: 3/13/02

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Falls Church City Public Schools
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BUSINESS SECTION
Policy: 4.15

condition of the school as of the last day of the preceding month.

Each school shall keep records, handle all funds, and make
reports in compliance with Policy 4.17, Internal School Accounts,
which has adopted the Guidelines for School Activity Funds,
updated through 1989, from the State Board of Education and any
amendments thereto, and in compliance with administrative
regulations, guidelines and memoranda.

Legal Reference:

Code of Virginia: 1950, as amended, Sections 22.1-68 (Records) 22.1-

115 through 121, 22.1-90 Regulations of the State Board of Education,
8 VAC 20-270-10 (Textbook Fund Management); 8 VAC 20-390-50
(School Accounts)

Adopted: 9/17/74 Revised: 3/13/02

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Falls Church City Public Schools
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