Governmental funds are those funds used for the normal governmental services financed by taxes and fees, including state and federal aid. The District uses several funds to budget and account for its programs and services. As required by generally accepted accounting principles (GAAP), the District accounts for its revenues and expenditures within governmental funds.
Accordingly, GAAP standards require all school boards to use individual funds that must be categorized in one of 11 fund types. Each fund type and the individual funds used by the Beaver County School District are listed above.
The following governmental funds are used by Beaver County School District and are consistent with those used by other Utah public education school districts.
General Fund – Major Fund. This fund services primary on-going operations of the District. It is used to account for activity and financial resources that are not required to be accounted for in other funds.
Debt Service Fund – Major Fund. This fund is used to account for the accumulation of resource for and payment of principal, interest, and related costs for general obligation debt.
Capital Projects Fund – Major Fund. This fund accounts for the acquisition, maintenance, improvement, and construction of capital assets and equipment not being financed by other funds. The revenue sources in this fund are primarily restricted for capital expenditures, non-general obligation debt, textbooks, and supplies.
Food Services Fund. This special revenue fund accounts for all revenues and expenditures associated with the school breakfast and lunch programs.
School & Student Activities Fund. This special revenue fund accounts for student fees and funds collected at the school level for curricular and extra-curricular programs.
Scholarship Fund. This special revenue fund accounts for the assets entrusted to the Board of Education for college scholarships awarded to Beaver High School graduates. The Board is responsible for all assets in this fund.