Ohio Admin. Code 117-6-01 - Chart of accounts - school districts and community schools
(A) Funds: To demonstrate legal compliance
and to facilitate sound management, school districts and community schools shall maintain financial records
on a fund basis. Funds are to be established by each school district
or community school based on statutory
requirements and accounting needs. When not authorized or required by statute,
the establishment of a new fund requires prior auditor of state approval under
section
5705.12
of the Revised Code. A school district or community
school should submit its request to auditor of state's chief of local
government services division.
Funds are to be classified using the current guidelines and definitions established by the "Governmental Accounting Standards Board."
(B) Financial
records: All school districts and joint vocational
school districts and community schools as
defined in section
established under Chapter
3314.
3314.01 of the Revised Code,
shall maintain the financial records in accordance with the uniform school
accounting system (USAS) as prescribed by the USAS manual and subsequent update
bulletins issued by the auditor of state.
Notes
Promulgated Under: 117.20
Statutory Authority: 117.43
Rule Amplifies: 117.43
Prior Effective Dates: 01/31/1984, 04/30/1984, 01/01/1986, 03/14/1986, 01/01/1987, 01/23/1989, 08/01/1989, 07/01/2000, 01/23/2006, 04/01/2011, 11/16/2015
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