NH Financial Accounting Handbook For Local Education Agencies

New Hampshire Financial Accounting Handbook for Local Education Agencies 1999 Edition (Revised August 2001) New Hampshire Department Of Education In Cooperation With New Hampshire Department of Revenue Administration And New Hampshire Association Of School Business Officials GOVERNOR of NEW HAMPSHIRE JEANNE SHAHEEN EXECUTIVE COUNCIL District No. 1 Raymond S. Burton, Woodsville District No. 2 Peter J. Spaulding, Hopkinton District No. 3 Ruth L. Griffin, Portsmouth District No. 4 Thomas P. Colantuono, Londonderry District No. 5 Bernard A. Streeter, Nashua NEW HAMPSHIRE STATE BOARD of EDUCATION Term Expires John Lewis, Chairman 2002 Durham ( jml5292257@aol.com ) Ann McArdle 2000 Manchester (amcardle@sheehan.com) Gail F. Paine 2004 Intervale ( g_paine@unhf.nh.edu ) Joel C. Olbricht 2001 Derry ( jco@b-ocpas.com ) Jeffrey M. Pollock 2003

Manchester (jmpollock@nhbdc.com) David B. Ruedig 2001 Concord (mruedig@hotmail.com) Ann M. Logan 2004 Amherst ( logans@sheena.mv.com ) NEW HAMPSHIRE DEPARTMENT OF EDUCATION 101 Pleasant Street Concord, NH 03301-3860 Tel: (603) 271-3494 Fax: (603) 271-1953 Citizens Services Line 1-800-339-9900 Commissioner of Education Dr. Elizabeth M. Twomey etwomey@ed.state.nh.us Deputy Commissioner Nicholas C. Donohue ndonohue@ed.state.nh.us Director, Division of Program Support Dr. Judith D. Fillion jfillion@ed.state.nh.us To visit our Web site, our URL is http://www.state.nh.us/doe/index.htm NOTICE OF NONDISCRIMINATION The New Hampshire Department of Education does not discriminate on the basis of race, color, national/ethnic origin, age, sex, or disability in its programs, activities and employment practices. The following person has been designated to handle inquires regarding the nondiscrimination policies: Susan E. Auerbach NH Department of Education 101 Pleasant Street Concord, NH 03301 (603) 271-3743 Equal Opportunity Employer-Equal Educational Opportunities ACKNOWLEDGMENT The development of the revised New Hampshire Financial Accounting Handbook for Local Education Agencies was funded, in part, by a grant from the National Center for Education Statistics. The Department thanks the following members who gave time, energy and enthusiasm to the project: Patricia S. Busselle New Hampshire Department of Education Bernard R. Davis SAU #46 Michael Everngam SAU #5 Sallie Fellows SAU # 56 Dr. Judith Fillion New Hampshire Department of Education Christine I. Hayes SAU #2 Edgar A Kenney Paul Partenope SAU #20 Stephen Plodzik Plodzik & Sanderson Professional Association Andrea Reid Department of Revenue Administration Barbara Robinson Department of Revenue Administration Stephen J. Varone SAU #60 Technical Assistance provided by: Darlene Carbone, Lynn Fletcher, Sharon Kimball, Mary Mayo, and Kathy Vaughn i Table of Contents Chapters I Introduction The Purpose of This Guide I - 1 How This Guide Was Developed I - 1 Comparability I - 2 Terminology I - 2 Criteria For Items Of Information I - 3 Conformance With Generally Accepted Accounting Principles I - 4 Basis Of Accounting I - 5 Cash Basis Accounting I - 5 Accural and Modified Accural Basis Accounting I - 6 II Uses Of The Account Classification System Introduction II -1 The Accounting System II - 2 Basic Philosophy Of A Financial Accounting System II - 2 Budgeting II -3 Financial Reports II - 3 Users Of The LEA Financial Reports II - 4 School Administrators and Other Employees II - 4 School boards and Other Governing Units II - 4 Congress and the State Legislature II - 5 Creditors and Potential Creditors...

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