Student Activities: Recommended Setup

Implementation of Governmental Accounting Standards Board (GASB) Statement No. 84, Fiduciary Activities

 The Comprehensive Annual Financial Report (CAFR) as prepared by each public school is the basis for the annual independent audit. Implementation of GASB Statement No. 84, Fiduciary Activities, is required for the fiscal year ending June 30, 2020.  The State of new Jersey has published the  March 27, 2020 Broadcast  with their specific guidance.

RECOMMENDED STUDENT ACTIVITIES SETUP

Procedures for setting up & utilizing SchoolFi to account for your student Activities under this philosophy (assumes the student activity account has a SEPARATE bank account for it’s transactions)

1.   Create a fund to account for the Student Activities. 

1. On the Financial >>> Setup >>> Bank Accounts click the 
2. Complete the information

2.  Create the new Fund

1. On the Financial >>> Setup >>> Dimensions >>> Fund screen click the 
2. Complete the information

1. Ensure the “Code” is the fund that you want to designate for the Student Activities fund.
2. Ensure the “Type” is Student Activities
3. Ensure the “Parent Fund is BLANK

3.  Review the Fund Settings and assign the new Bank Account to the New Fund

1. Click on the “properties” button
2. Ensure the “Used in Board Secretary Report” is NOT checked
3. Ensure the “Parent Fund is BLANK
4. Ensure the “Type” is Student Activities 
5. Ensure the Bank Account is correct

At a minimum, you MUST create the following Balance Sheet accounts:

8.  Reporting

1. When you run the Fund 20 Report of the Board Secretary, the report will include balance sheet only entries for the Student Activity Account.  The Cash balance is reflected with the other “101” accounts and it is offset un the Fund Balances on page #2.