ASB Badge #13 - ASB Accounting and Financial Reporting-ASB Badge #13 PowerPoint

ASB Badge #13 PowerPoint

Pdf Summary

This document explains how school Associated Student Body (ASB) accounting and financial reporting work. School accounting is organized by funds, and ASB is one of the state-designated funds used to track student activities. ASB finances are recorded using a four-digit fund code, a location code, and a four-digit activity classification code.<br /><br />ASB activity classifications are grouped into series: 1000 for General Student Body, 2000 for Athletics, 3000 for Classes, 4000 for Clubs, and 6000 for Private Moneys. Districts should build a chart of accounts for specific clubs, classes, and athletic programs within these state categories. If a district has more than one school with ASB, location codes must be added so activities are tied to the correct school.<br /><br />The ASB Fund Balance Report shows each activity’s beginning balance, revenues, transfers, expenditures, and ending balance. Beginning balances carry forward from the prior year, and ending balance is calculated by adding revenues and transfers and subtracting expenditures. The report should be run regularly, at least monthly.<br /><br />ASB revenues include items such as fundraisers, ticket sales, ASB cards, yearbooks, student stores, and investment earnings. All revenue generated by ASB activities must be deposited in the ASB Fund and reconciled to the correct activity. Interest earnings must stay in ASB and cannot be moved to the General Fund.<br /><br />ASB expenditures must be cultural, athletic, recreational, or social (CARS), and student approval must be documented before funds are spent. Interactivity transfers allow money to move between ASB activities with approval from both sides, but they should not be used to correct coding errors.<br /><br />The document also mentions imprest bank accounts, negative balance monitoring, and resources for further guidance, ending with a note about a final assessment required to earn the badge.

Keywords

ASB accounting

financial reporting

fund balance report

activity classifications

fund codes

location codes

ASB revenues

ASB expenditures

interactivity transfers

imprest bank accounts