Chart of Accounts
The National Center for Education Statistics provides the account code and financial reporting structure to be used by schools in the country. Utah and Beaver County School District complies with this account code structure. All federal, state, and local funded education programs and grants must also use this account code structure to account for revenues and expenditures. Financial reports for programs, funds, functions, locations, and objects are central to the account code structure used throughout the country, Utah, and our district.
The District’s account code structure is designed to meet national and state reporting standards. All transactions must conform and be accounted for using this account code structure.
Fund-Location-Program-Function-Object
XX - XXX - XXXX - XXXX - XXX
Fund Codes: This 2-digit code is usually programmed into the accounting system, so most administrators and directors don’t need to worry about this code. If you don’t know this code, that’s ok, because the accounting system will automatically assign this code based upon the other codes you identify for each expenditure. This code is most meaningful for financial reporting purposes to outside entities and is usually not very meaningful to internal departments and schools.
Location Codes: All transactions must be coded to accurately reflect the location which each transaction is for. This is critical as the district is required to report to outside entities regarding transactions which benefit each location in the district.
Program Codes: All transactions must be coded accurately to reflect the program which accounts for each transaction. This is critical as each program is subject to specific accountability and compliance requirements. The federal government, Utah State Office of Education, and our independent auditors look at this very closely for compliance. Most administrators and secretaries can find this 4-digit code by looking at their budget reports within their assigned responsibility centers.
Function Codes: All transactions must be coded accurately to reflect the function which is associated with each transaction. This is critical as each function is specifically defined by state and federal agencies for compliance and is also a key reporting element for the district’s audited annual financial reports. The function component of the account code is dependent upon the type of transaction being processed--either revenue or expenditure. The correct codes should be used based upon the type of transaction being processed.
BCSD Expenditure & Revenue Function Codes
Object Codes: All transactions must be coded accurately to reflect the object which is associated with each transaction. Objects describe the transaction to a specific level of detail required by state and federal agencies.
BCSD Expenditure & Revenue Object Codes
Other Resources:
Utah State Office of Education Chart of Accounts for Districts & Schools
NCES Financial Accounting Handbook Online
Training Resources for Administrators & Staff
Financial Policies, Procedures & Resources
USOE Best Practices & Model Policies