Question

As noted in Appendix B to this chapter, most, if not all, state governments require public school districts to report financial and other data to the appropriate state agency so the state can report standardized school data to the National Center for Educational Statistics (NCES). Texas has one of the most rigorous school district reporting requirements in the nation. A state law called the Texas Education Code requires each school district to adopt a standard financial accounting system prescribed by the Texas Education Agency (TEA). District accounting systems must also conform to generally accepted accounting principles (GAAP). Each district must also have an annual independent audit.
Using your Internet browser, access the Texas Education Agency Web site at www.tea.state.tx.us. At the TEA home page, select “F” from the A-Z Index, then select the TEA’s Financial Accountability System Resource Guide link and open “Module 1—Financial Accounting and Reporting (FAR).” When the FAR has opened, use the index to locate and move to Section 1.4 “Account Codes.” Review Sections 1.4.2 through 1.4.9 and respond to the following questions.
a. Look at Exhibit 30, which depicts the prescribed Fund Code Structure for Texas public school districts and discuss whether the code structure is adequate to meet both GASB and NCES revenue and expenditure/expense classification requirements.
b. Do the function and program categories prescribed in Sections 1.4.3 and 1.4.15 agree with the classifications discussed in Appendix B? If not, how do they differ?



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  • CreatedJanuary 11, 2014
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