Course Hero Logo

2020-21_SD_Cash_Basis_Note (1).docx - Other Comprehensive...

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 1 - 4 out of 56 pages.

Other Comprehensive Basis of Accounting(OCBOA) Cash Basis Notes to the FinancialStatementsTable of ContentsPageNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES......................1NOTE X: DEPOSITS AND INVESTMENTS....................................................6NOTE X: SIGNIFICANT CONTINGENT LIABILITIES......................................10NOTE X: SIGNIFICANT EFFECTS OF SUBSEQUENT EVENTS........................11NOTE X: PENSION PLANS......................................................................13NOTE X: NONGOVERNMENTAL PENSION PLANS.......................................21NOTE X: ANNUAL OTHER POST-EMPLOYMENT BENEFIT COST AND NET OPEBOBLIGATIONS.......................................................................................22NOTE X: NONGOVERNMENTAL OPEB PLANS............................................25NOTE X: COMMITMENTS UNDER LEASES.................................................27NOTE X: OTHER SIGNIFICANT COMMITMENTS.........................................28NOTE X: REQUIRED DISCLOSURES ABOUT CAPITAL ASSETS......................29NOTE X: SHORT-TERM DEBT...................................................................30NOTE X: LONG-TERM DEBT.....................................................................31NOTE X: INTERFUND BALANCES AND TRANSFERS...................................35NOTE X: ENTITY RISK MANAGEMENT ACTIVITIES.....................................36NOTE X: PRIOR PERIOD CORRECTIONS...................................................38NOTE X: PROPERTY TAXES.....................................................................39NOTE X: JOINT VENTURES AND JOINTLY GOVERNED ORGANIZATIONS........40NOTE X: FUND BALANCE CLASSIFICATION DETAILS..................................43NOTE X: DEFINED CONTRIBUTION PENSION AND OPEB PLANS.................45NOTE X: TERMINATION BENEFITS...........................................................47NOTE X: VIOLATION OF FINANCE-RELATED LEGAL AND CONTRACTUALPROVISIONS.........................................................................................48NOTE X: CONDITIONS AND EVENTS GIVING RISE TO SUBSTANTIAL DOUBTABOUT THE GOVERNMENT’S ABILITY TO CONTINUE AS A GOING CONCERN...........................................................................................................49NOTE X: OTHER DISCLOSURES...............................................................50INSTRUCTIONS.....................................................................................53Effective FYSupersedesFormChapterSectionPageFY 2021FY 2020F-196OCBOA (Cash)i
This page left blank intentionally.Effective FYSupersedesFormChapterSectionPageFY 2021FY 2020F-196OCBOA (Cash)ii
(Name of School District)Notes to the Financial StatementsSeptember 1, 20PY Through August 31, 20CYNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIESThe ______ School District (District) is a municipal corporation organized pursuant toTitle 28A of the Revised Code of Washington (RCW) for the purposes of providingpublic school services to students in grades K–12. Oversight responsibility for theDistrict’s operations is vested with the independently elected board of directors.Management of the District is appointed by and is accountable to the board ofdirectors. Fiscal responsibility, including budget authority and the power to set fees,levy property taxes, and issue debt consistent with provisions of state statutes, alsorests with the board of directors.The District presents governmental fund financial statements and related notes onthe cash basis of accounting, except for the Debt Service Fund which is reported onthe modified accrual basis of accounting, in accordance with theAccounting Manualfor Public School Districts in the State of Washington, issued jointly by the StateAuditor’s Office and the Superintendent of Public Instruction by the authority of RCW43.09.200, RCW 28A.505.140, RCW 28A.505.010(1), and RCW 28A.505.020. Thismanual prescribes a financial reporting framework that differs from generallyaccepted accounting principles (GAAP) in the following manner:(1) Financial transactions are recognized on a cash basis of accounting asdescribed below.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 56 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
N/A
Tags

Newly uploaded documents

Show More

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture