Agenda Item
Meeting Date: 7/27/2020 - 6:00 PM
Category: Business/Action Items
Type: Info
Subject: 18.5 Review of Establishment of SACS Fund 08 Student Activity Special Revenue Fund
LCAP (Local Control Accountability Plan) Goal:
Policy:
Enclosure:
File Attachment:
Summary: Activities of Associated Student Bodies (ASBs), which do not meet the definition of fiduciary activities in accordance with GASB 84, are considered governmental activities and should be reported in a governmental fund. California Department of Education established Fund 08 to record ASB activities. By recording ASB activities in Fund 08 there will be a decreasing effect on the District reserve and Routine Restricted Maintenance calculation. There will be no impacts or changes to the management of the ASB accounts, any procedures relating to use/access of ASB funds, and the accounts will continue to have the strict oversight already in place and monitored by our Internal Auditor. This change will reduce the Routine Restricted Maintenance set aside and reserve that is partially calculated by the amount of funds in the ASB accounts.
Funding: Fund 08
Fiscal Impact
Recommendation: This item is being presented as information only
Approvals:
Recommended By:
Signed By:
Cindy Rodriguez - Admin Secretary II
Signed By:
Mika Arbelbide - Director of Fiscal Services
Signed By:
Dr. Lisa Gonzales - Chief Business Officer
Signed By:
Jennifer Sachs (Designee) - Designee for Final Signature