Explanation of Funds and Balances

Explanation of Funds and Balances

001 Maintenance and Operations – The M&O Fund budget is where most of the day-to-day expenditures occur. Typical expenditures include salaries, employee benefits, supplies, utilities, maintenance, and repair services. Revenues include equalization assistance and property taxes. 

610 Unrestricted Capital Outlay – This fund accounts for acquisitions which include land, land improvements, buildings, building improvements, furniture, equipment, software, vehicles, books, and instructional aids. Revenues include equalization assistance and property taxes.

010 - Classroom Site Fund – This fund was established to account for the portion of state sales taxes and state trust land income provided to school districts as an additional fource of funding for teacher salary increases, performance-based teacher compensation, and specific purposes such as class size reduction.

020 Instructional Improvement Fund – These funds consist of monies received from Indian Gaming and may be utilized for teacher compensation increases, class size reduction, dropout prevention programs, and instructional improvement programs.

100-399 Federal Projects – Federal grants which are used for supplemental educational programs. Each grant has specific restrictions for its use.

400-499 State Projects – State grants which are used for supplemental educational programs. Each grant has specific restrictions for its use.

500 School Plant Funds – These funds are used to account for revenues from the sale or lease of school property and used for the payment of outstanding bonded indebtedness, the reduction of district taxes, maintenance and operations, or capital.

510 Food Services – This fund is used primarily to record school cafeteria operations.

515 Civic Center – This fund accounts for revenues from the use of school facilities and the related expenditures. If program needs are met, excess monies may be used for maintenance and operation or unrestricted capital outlay purposes.

525 Auxiliary Operation – Accounts for revenues and expenditures arising from bookstore operations, athletic operations, and miscellaneous district-related operations. Revenues may include the sale or rental of books, supplies and materials, course fees, athletic gate receipts, concession sales, and other miscellaneous district receipts.

526 Extracurricular Activities Fees Tax Credit – Contributions to this fund may be taken as a tax credit by taxpayers. These funds are restricted for support of extracurricular and character education activities. Amounts in this fund should be spent on the activities for which they are collected and districts must maintain detailed records to ensure that tax credit monies are used only for allowable expenditures.

530 Gifts and Donations – This fund accounts for donations from individuals, businesses, and private grants.

550 Insurance Proceeds – This fund accounts for monies from insurance claims and the related expenditures.

555 Textbooks – This fund accounts for monies received from students for lost or damaged textbooks and other instructional materials or software.

565 Litigation Recovery – Accounts for monies received from the settlement of legal controversies. Expenditures from the fund may be made to procure legal services or for the costs of litigation. If monies are received specifically for the purpose of replacing or repairing school buildings or other school property, the monies may only be used to pay any outstanding bonded indebtedness.

570 Indirect Costs – This fund accounts for monies transferred from federal grants and food service for administrative costs.

575 Unemployment Insurance – This fund is used by districts using the reimbursement method of accounting for unemployment insurance contributions. Deposits to this fund consist of contributions from other funds. Expenditures consist of reimbursement payments to the Department of Economic Security

596 Career Technological Education – This fund accounts for revenues received from the Mountain Institute Joint Technological Education District for use in vocational education programs.

665 Energy and Water Savings (EWS) – Accounts for capital investment monies, energy-related rebate or grant monies, and monies from other funding sources, including clean renewable energy bonds, to fund energy or water saving projects in school facilities. This fund also accounts for monthly payment amounts transferred from the Maintenance and Operation Fund.

691 Building Renewal Grant – Accounts for building renewal grant monies that districts may request from the School Facilities Board. These monies may be used for major renovations and repairs to buildings, upgrading systems and areas that will maintain or extend buildings’ useful lives, and infrastructure costs.

700 Debt Service – This fund accounts for secondary property tax revenues for the payment of long-term debt principal, interest, and related costs.

850 Student Activities – Accounts for monies raised by the effort of students in connection with activities of student organizations and clubs. The school district is the custodian.

950-989 Internal Service Funds – These funds account for activities that provide goods or services to other funds, departments, component units, or other governmental entities on a cost-reimbursement basis.

955 Intergovernmental Agreements – These funds account for revenues and expenditures related to agreements between the school district and other school districts or governmental agencies.