Section R277-113-8 - LEA Accounting Requirements(1) Each LEA shall: (a) record revenues and expenditures in compliance with the Board approved chart of accounts;(b) record expenditures using school location codes that can be mapped to official school location codes used in the Board system of record;(c) record expenditures using approved district and school codes in the Board system of record;(d) submit expenditures using location codes in the Utah Public Education Financial System;(e) perform program accounting in accordance with GAAP and this rule; and(f) beginning with the fiscal year that begins on July 1, 2021, accrue school fees, and fee waivers and use contra-revenue accounts to record fee waivers in the LEA's accounting system.(2) Each LEA shall record and report the following expenditures for each school annually: (d) contracted services; and(3) If an LEA pays for contracted services that occur at the school level, the LEA shall record the payments to the contractors in the appropriate function and object codes established under Subsection (2) at the school level.(4)(a) An LEA shall record centralized administrative costs to the administrative location code.(b) The Superintendent shall allocate such costs to each school based on school enrollment.(5) The Superintendent shall present one expenditure report for a school receiving more than one report card under Subsection R277-497-4(8).(6) If an LEA reports expenditures in programs, the LEA shall report the expenditures to one or more schools.Utah Admin. Code R277-113-8
Adopted by Utah State Bulletin Number 2017-5, effective 2/7/2017Amended by Utah State Bulletin Number 2018-14, effective 6/22/2018Amended by Utah State Bulletin Number 2020-17, effective 8/12/2020Amended by Utah State Bulletin Number 2020-23, effective 11/10/2020Amended by Utah State Bulletin Number 2021-22, effective 11/8/2021Amended by Utah State Bulletin Number 2023-24, effective 12/11/2023Amended by Utah State Bulletin Number 2024-16, effective 8/7/2024