Uniform Financial Accounting and Reporting Standards

U niform F inancial A ccounting and R eporting S tandards Fiscal Year 2013 Edition Minnesota Department of Education Division of School Finance Financial Management Section March 2013 This manual was prepared and published by the staff of the Minnesota Department of Education, Division of School Finance, Financial Management Section, 1500 Highway 36 West, Roseville, Minnesota 55113. Permission is hereby given for any reproduction and distribution of this document. This manual is also available on the department’s website. View the 2013 UFARS Manual . The Minnesota Department of Education does not discriminate on the basis of race, color, national origin, creed, sex, marital status, status with regard to public assistance, or disability. Minnesota Department of Education Division of School Finance

Financial Management Section 1500 Highway 36 West Roseville, MN 55113 http://education.state.mn.us Telephone: 651-582-8779 E-mail address: mde.ufars-accounting@state.mn.us Printed on recycled paper with a minimum of 10 percent post-consumer waste. Minnesota Department of Education Table of Contents TABLE OF CONTENTS INTRODUCTION ..................................................................................................................................... 1 – 2 OVERVIEW OF DIMENSIONS ............................................................................................................. 1 – 18 PART 1 – UFARS ACCCOUNT CODES CHAPTER 1 – FUND DIMENSION .................................................................................................. 1 – 8 CHAPTER 2 – ORGANIZATION/SITE DIMENSION ....................................................................... 1 – 4 CHAPTER 3 – PROGRAM DIMENSION ....................................................................................... 1 – 20 CHAPTER 4 – FINANCE DIMENSION .......................................................................................... 1 – 38 CHAPTER 5 – OBJECT DIMENSION ............................................................................................ 1 – 34 CHAPTER 6 – SOURCE DIMENSION........................................................................................... 1 – 14 CHAPTER 7 – COURSE DIMENSION............................................................................................. 1 – 8 CHAPTER 8 – BALANCE SHEET ACCOUNTS ............................................................................ 1 – 18 CHAPTER 9 – LIST OF CODES .................................................................................................... 1 – 18 CHAPTER 10 – PERMITTED CODE COMBINATIONS ................................................................ 1 – 30 PART II – FINANCIAL MANAGEMENT PROCEDURES CHAPTER 11 – PLACEHOLDER FOR FUTURE DEVELOPMENT CHAPTER 12 – AUTHORIZED BORROWING FOR SCHOOL DISTRICTS ................................... 1 – 6 CHAPTER 13 – FINANCIAL ACCOUNTING AND REPORTING SECTION 1 – COST ALLOCATION STANDARDS ................................................................. 1 – 29 SECTION 2 – STUDENT TRANSPORTATION SERVICES ................................................. 30 – 53 SECTION 3 – GASB STATEMENT 34 .................................................................................. 54 – 60 SECTION 4 – GASB STATEMENT 45 .................................................................................. 61 – 75 SECTION 5 – GASB STATEMENT 54 .................................................................................. 76 – 80 CHAPTER 14 – STUDENT ACTIVITY ACCOUNTING .................................................................. 1 – 46 CHAPTER 15 – EFFECTIVE PRACTICES AND MANAGEMENT OPINIONS ............................... 1 – 6 CHAPTER 16 – GLOSSARY .......................................................................................................... 1 – 25 2013 UFARS Manual March 2013 1 Table of Contents Minnesota Department of Education THIS PAGE INTENTIONALLY LEFT BLANK 2 March 2013 2013 UFARS Manual Minnesota Department of Education Introduction INTRODUCTION This Uniform Financial Accounting and Reporting Standards (UFARS) Manual is the edition for Fiscal Year (FY) 2013. It contains changes reflecting legislation passed in the 2012 Legislative Session (ending May 2012). Background In 1976, the UFARS Advisory Council was established by the Minnesota Legislature. The 1976 Legislature also mandated that the local education agencies begin using the UFARS system for reporting Fiscal Year 1977 financial activity. The UFARS Advisory Council was charged with making recommendations to the State Board of Education for accounting standards consistent with Minnesota Statutes, section 123B.75 through 123B.83, and with Generally Accepted Accounting Principles (GAAP). In December of 1991, the UFARS Advisory Council passed a resolution for...

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