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Meeting Date:
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6/16/2021 - 3:30 PM
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Category:
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Consent Calendar
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Type:
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Action
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Subject:
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11.40 BUSINESS: Resolution No. 29:20-21 - Resolution For Establishing Fund 08, Student Activity Special Revenue Fund (no fiscal impact)
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Strategic Plan:
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Enclosure
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File Attachment:
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Summary:
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With the implementation of Governmental Accounting Standards Board (GASB) 84, Associated Student Body (ASB) activities no longer qualify as fiduciary activities because they do not meet one of the conditions in the "custodial" test. To be custodial funds, "LEAs should not have administrative or direct financial involvement with the assets." As such, the California Department of Education (CDE) implemented Fund 08, a special revenue fund, to address the reporting of ASB activity, which will be included as part of the district’s governmental funds reporting. The Riverside County Office of Education (RCOE) requires the attached Resolution of the Board of Trustees to open this fund with the County Treasurer.
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Funding:
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No fiscal impact.
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Recommendation:
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It is recommended that the Board of Trustees adopt Resolution No. 29:20-21 - Resolution for establishing Fund 08, Student Activity Special Revenue Fund.
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Approvals:
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Recommended By:
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Signed By:
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Alisha Fogerty - Director of Fiscal Services
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Signed By:
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Candace Reines - Deputy Superintendent
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Signed By:
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Grant Bennett - Superintendent
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Vote Results:
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| Original Motion | | Member Dr. Randall Freeman Moved, Member David Nelissen seconded to approve the Original motion 'It is recommended that the Board of Trustees adopt Resolution No. 29:20-21 - Resolution for establishing Fund 08, Student Activity Special Revenue Fund.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Elizabeth Vallejo | Yes | | Anthony T. Stafford, Sr. | Yes | | Dr. Randall Freeman | Yes | | Dr. Jose Luis Araux | Yes | | David Nelissen | Yes | |
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