Student Activities: Alternate 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.

ALTERNATE STUDENT ACTIVITIES SETUP

Procedures for 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) and this methodology will produce a separate Report of the Board Secretary for each Student Activity Fund

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 Government and NOT 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 checked
3. Ensure the “Parent Fund is BLANK
4. Ensure the “Type” is Government and NOT Student Activities
5. Ensure the Bank Account is correct

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

8.  Reporting

1. To run a Report of the Board Secretary, you will select the Student Activity Account and you will run the report.   There is a separate Report of the Board Secretary because in this setup, the District designated a separate bank account for the Student Activity checks and it will need to be segregated for reporting purposes.