Part XLI. Bulletin 1929―Louisiana Accounting and Uniform Governmental Handbook Chapter Purpose of Handbook 1




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§1101. Assets and Other Debit Codes

A. Assets and other debits include what is owned and what is not owned (as of the date of the balance sheet) but is expected to become owned fully at some future date. Also included are other budgeting and offsetting accounts which normally have debit balances.

B. Current Assets―cash or anything that can be readily converted into cash.

1. 101 Cash in Bank―all funds on deposit with a bank or savings and loan institution in interest bearing and non-interest-bearing checking accounts.

2. 102 Cash on Hand―currency, coins, checks, postal and express money orders, and bankers' drafts on hand.

3. 103 Petty Cash―a sum of money set aside for the purpose of paying small obligations for which the issuance of a formal voucher and check would be too expensive and time-consuming.

4. 104 Change Cash―a sum of money set aside to provide change.

5. 105 Cash with Fiscal Agents―deposits with fiscal agents, such as commercial banks, for paying matured bonds and interest.

6. 111 Investments―securities and real estate held for producing income in the form of interest, dividends, rentals or lease payments. The account does not include capital assets used in LEA operations. Separate accounts for each category of investments may be maintained

7. 112 Unamortized Premiums on Investments―The excess of the amount paid for securities over the face value which has not yet been amortized. Use of this account is restricted to long-term investments.

8. 113 Unamortized Discounts on Investments (credit)―The excess of the face value of securities over the amount paid for them which has not yet been written off. Use of this account is normally restricted to long-term investments.

9. 114 Interest Receivable on Investments―The amount of interest receivable on investments, excluding interest purchased. Interest purchased should be shown in a separate account.

10. 115 Accrued Interest on Investments Purchased― Interest accrued on investments between the last interest payment date and date of purchase. The account is carried as an asset until the first interest payment date after the date of purchase. Upon receipt and deposit of the cash, an entry is made debiting the account "Cash in Bank", and crediting the "Accrued Interest on Investments Purchased" account for the amount of interest purchased and an interest earning revenue account (1510) for the balance.

11. 121 Taxes Receivable―The uncollected portion of taxes that a LEA or governmental unit has levied and that has become due, including any interest or penalties that may have accrued. Separate accounts may be maintained on the basis of tax roll, current and delinquent taxes, or both.

12. 122 Allowance for Uncollectable Taxes (Credit)―that portion of taxes receivable it is estimated will not be collected. The account is shown on the balance sheet as a deduction from the taxes receivable account in order to arrive at the net taxes receivable. Separate accounts may be maintained on the basis of tax roll year, delinquent taxes, or both.

13. 131 Interfund Loans Receivable―An asset account used to record a loan by one fund to another fund in the same governmental unit. It is recommended that separate accounts be maintained for each Interfund receivable loan.

14. 132 Interfund Accounts Receivable―An asset account used to indicate amounts owed to a particular fund by another fund in the same LEA for goods sold or services rendered. It is recommended that separate accounts be maintained for each Interfund receivable.

15. 141 Intergovernmental Accounts Receivable― Amounts due to the reporting governmental unit from another governmental unit. These amounts may represent grants-in-aid, shared taxes, taxes collected for the reporting by the reporting unit, loans, and charges for services rendered by the reporting unit for another government. It is recommended that separate accounts be maintained for each interagency receivable.

16. 151 Loans Receivable―Amounts that have been loaned to persons or organizations, including notes taken as security for such loans, where permitted by statutory authority.

17. 152 Allowance for Uncollectible Loans (Credit)―the portion of loans receivable that it is estimated will not be collected. The account is shown on the balance sheet as a deduction from the other loans receivable account.

18. 153 Other Accounts Receivable―Amounts owed on open account from private persons, firms, or corporations for goods and services furnished by an LEA (but not including amounts due from other funds or from other governmental units).

19. 154 Allowance for Uncollectible Accounts Receivable (Credit)―a provision for that portion of accounts receivable that it is estimated will not be collected. The account is shown on the balance sheet as a deduction from the other accounts receivable account.

20. 161 Bond Proceeds Receivable―An account used to designate the amount receivable upon the sale of bonds.

21. 171 Inventories for Consumption―The cost of supplies and equipment on hand not yet distributed to requisitioning units.

22. 172 Inventories for Resale―The value of goods held by an LEA for resale rather than for use in its own operations.

23. 181 Prepaid Expenses―expenses paid for benefits not yet received. Prepaid expenses differ from deferred charges in that they are spread over a shorter period of time than deferred charges and are regularly recurring costs of operation. Examples of prepaid expenses are prepaid rent, prepaid interest, and unexpired insurance premiums.

24. 191 Deposits―Funds deposited by the LEA as prerequisite to receiving services, goods, or both.

25. 192 Deferred Expenditures/Expenses—certain disbursements that are made in one period but are more accurately reflected as an expenditure/expense in the next fiscal period.

26. 194 Premium and Discount on Issuance of Bonds—represents amounts to be amortized as debt premium/discount in connection with the issuance of bonds.

27. 199 Other Current Assets―current assets not provided for elsewhere.

28. 211 Land and Land Improvements―a capital asset account that reflects the acquisition value of land owned by an LEA. If land is purchased, this account includes the purchase price and costs, such as legal fees, filling and excavation costs, and other associated improvement costs incurred to put the land in condition for its intended use. If land is acquired by gift, the account reflects its appraised value at the time of acquisition.

29. 221 Site Improvements―a capital asset account that reflects the acquisition value of permanent improvements, other than buildings, which add value to land. Examples of such improvements are fences, retaining walls, sidewalks, pavements, gutters, tunnels and bridges. If the improvements are purchased or constructed, this account contains the purchase or contract price. If improvements are obtained by gift, it reflects the appraised value at the time of acquisition.

a. Site improvements are improvements that have a limited useful life. Because these improvements decrease in their value/usefulness over time, it is appropriate to depreciate these assets. Therefore, all capitalized site improvements should be depreciated over their expected useful life.

30. 222 Accumulated Depreciation on Site Improvements―accumulated amounts for depreciation of land improvements.

31. 231 Building and Building Improvements―a capital asset account that reflects the acquisition value of permanent structures used to house persons and property owned by the LEA. If buildings are purchased or constructed, this account includes not only the purchase or contract price of all permanent buildings, but also the fixtures attached to and forming a permanent part of such buildings. This account includes all building improvements. If buildings are acquired by gift, the account reflects their appraised value at the time of acquisition.

32. 232 Accumulated Depreciation on Buildings and Building Improvements―accumulated amounts for depreciation of buildings and building improvements.

33. 241 Machinery and Equipment―tangible property of a more or less permanent nature, other than land, buildings, or improvements thereto, which is useful in carrying on operations. Examples are machinery, tools, trucks, cars, buses, furniture and furnishings. Definition―Supplies vs. Equipment provides criteria to distinguish whether a purchase is a supply or a piece of machinery or equipment.

34. 242 Accumulated Depreciation on Machinery and Equipment―accumulated amounts for depreciation of machinery and equipment.

35. 251 Works of Art and Historical Treasures—individual items or collections of items that are of artistic or cultural importance.

36. 252 Accumulated Depreciation on Works of Art and Historical Collections—accumulated amounts for the depreciation (as applicable) of works of art and historical treasures.

37. 261 Infrastructure—a capital asset, network, or subsystem that has a useful life that is significantly longer that those of other capital assets. These assets may include water/sewer systems, roads, bridges, tunnels, and other similar assets.

38. 262 Accumulated Depreciation on Infrastructure—accumulated amounts for the depreciation of infrastructure assets.

39. 271 Construction in Progress—the cost of construction work undertaken, but not yet completed.

40. 303 Amount Available in Debt Service Funds―an account in the general long-term debt account group. It designates the amount of fund balance available in the debt service fund for the retirement of long-term debt.

41. 304 Amount to be Provided for Retirement of General Long-Term Debt―an account in the general long-term debt account group. It designates the amount to be provided from taxes or other revenue to retire long-term debt.

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:6 (A) (10).

HISTORICAL NOTE: Promulgated by the Board of Elementary and Secondary Education, LR 26:481 (March 2000), amended LR 36:1531 (July 2010), LR 37:1385 (May 2011).

§1103. Liabilities and Other Credit Codes

A. Liabilities are LEA debts plus items that are not debts, but which may become debts at some future time.

B. Current liabilities - Those debts the LEA expects to pay within a short period of time, usually within a year or less.

1. 401 Interfund Loans Payable―A liability account used to record a debt owed by one fund to another fund in the same governmental unit. It is recommended that separate accounts be maintained for each Interfund loan.

2. 402 Interfund Accounts Payable―A liability account used to indicate amounts owed by a particular fund to another fund in the same LEA for goods and services rendered. It is recommended that separate accounts be maintained for each Interfund payable.

3. 411 Intergovernmental Accounts Payable― Amounts owed by the reporting LEA to another governmental unit. It is recommended that separate accounts be maintained for each interagency payable.

4. 421 Accounts Payable―Liabilities on open account owing to private persons, firms, or corporations for goods and services received by an LEA (but not including amounts due to other funds of the same LEA or to other governmental units).

5. 422 Judgments Payable―Amounts due to be paid by an LEA as the result of court decisions, including condemnation awards paid for private property taken for public use.

6. 423 Warrants Payable―Amounts due to designated payees in the form of a written order drawn by the LEA directing the LEA treasurer to pay a specific amount.

7. 431 Contracts Payable―Amounts due on contracts for assets, goods and services received by an LEA.

8. 432 Construction Contracts Payable-Retainage―liabilities on account of construction contracts for that portion of the work that has been completed but on which part of the liability has not been paid, pending final inspection, or the lapse of a specified time period, or both. The unpaid amount is usually a stated percentage of the contract price.

9. 433 Construction Contracts Payable―Amounts due by an LEA on contracts for constructing buildings and other structures, and other improvements.

10. 441 Matured Bonds Payable―Bonds that have reached or passed their maturity date, but which remain unpaid.

11. 442 Bonds Payable-Current―bonds that have not reached or passed their maturity date, but which are due within one year or less. This account is used only in proprietary or fiduciary funds, as well as in the government-wide financial statements.

12. 443 Unamortized Premiums on Issuance of Bonds―an account that represents that portion of the excess of bond proceeds over par value and that remains to be amortized over the remaining life of such bonds. This account is used only in proprietary or fiduciary funds, as well as in the government-wide financial statements.

13. 451 Loans Payable―short–term obligations representing amounts borrowed for short periods of time, usually evidenced by notes payable or warrants payable.

14. Lease Obligations-Current—capital lease obligations that are due within one year.

15. 455 Interest Payable―interest due within one year.

16. 461 Accrued Salaries and Benefits―salary and fringe benefit costs incurred during the current accounting period; these costs are not payable until a subsequent accounting period.

17. 471 Payroll Deductions and Withholdings―amounts deducted from employee salaries for withholding taxes and other purposes. District-paid benefit amounts payable also are included. A separate liability account may be used for each type of benefit.

18. 472 Compensated Absenses-Currents—compensated absences that will be paid within one year.

19. 473 Accrued Annual Requirement Contribution Liability—a liability arising from payments not made to pension funds. This amount represents any difference between the actuarially determined annual required contribution and actual payments made to the pension fund.

20. 481 Deferred Revenues―a liability account that represents revenues collected before they become due.

21. 491 Deposits Payable―liability for deposits received as a prerequisite to providing or receiving services, goods, or both.

22. 492 Due to Fiscal Agent―amounts due to fiscal agents, such as commercial banks, for serving an LEA's matured indebtedness.

23. 499 Other Current Liabilities―other current liabilities not provided for elsewhere.

C. Long-Term Liabilities―debt with a maturity of more than one year. These accounts should be used only with proprietary and fiduciary funds, as well as at the entity-wide level of reporting.

1. 511 Bonds Payable―bonds (includes general obligation, asset-backed, or revenue backed) that have not reached or passed their maturity date and that are not due within one year.

2. 512 Accreted Interest—an account that represents interest that is accrued on deep discount bonds. This account should be used by school districts that issue capital appreciation bonds. Such bonds are usually issued at a deep discount from the face value, and no interest payment is made until maturity. Under full accrual accounting, the district is required to accrete the interest on the bonds over the life of the bonds. Accretion is the process of systematically increasing the carrying amount of the bond to its estimated value of the maturity date of the bond. To calculate accreted interest, the district should impute the effective interest rate, using the present value, the face value (or the future value), and the period of the bond, and multiply the effective interest rate by the book value of the debt at the end of the period. Accreted interest is usually recorded as an addition to the outstanding debt liability.

3. 513 Unamortized Gains/Losses on Debt Refundings—an account that represents the difference between the reacquisition price and the net carrying amount of old debt when a current or advance refunding of debt occurs. This account should be used only when defeasance of debt occurs for proprietary funds. The unamortized loss amount should be deferred and amortized as a component of interest expense in a systematic and rational manner over the remaining life of the old debt or the life of the new debt, whichever is shorter. On the balance sheet, this deferred amount should be reported as a deduction from or an addition to the new debt liability.

4. 521 Loans Payable―an unconditional written promise signed by the maker to pay a certain sum of money one year or more after the issuance date.

5. 531 Lease Obligations―amounts remaining to be paid on lease purchase agreements.

6. 541 Unfunded Pension Liabilities―the amount of the actuarial deficiency on a locally operated pension plan to be contributed by the LEA on behalf of present employees.

7. 551 Compensated Absences—amounts remaining beyond the period of one year to be paid on compensated absences balances.

8. 561 Arbitrage Rebate Liability—liabilities arising from arbitrage rebates to the Internal Revenue Service (IRS) from bond financing.

9. 590 Other Long–Term Liabilities―other long-term liabilities not provided for elsewhere.

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:6(A)(10).

HISTORICAL NOTE: Promulgated by the Board of Elementary and Secondary Education, LR 26:482 (March 2000), amended LR 36:1532 (July 2010).

§1105. Fund Balance Codes

A. These accounts identify the excess of a fund over its liabilities. Portions of that balance may be reserved for future use. (Per GASB 54, fund balance codes 790 through 798 are required for financial statements for periods beginning after June 15, 2010; codes used prior to fiscal year 2010-11 will be maintained for historical purposes.)

1. 711 Investment in Capital Assets, Net of Related Debt―this account is used to record the net asset component invested in capital assets, net of related debt, which represents total capital less accumulated depreciation less directly related to capital assets. This account is to be used in proprietary funds only.

2. 730 Reserved-Retained Earnings―The accumulated earnings of the proprietary funds that have been retained in the fund and that are reserved for a specific purpose. One example would be funds reserved for the future purchase of equipment.

3. 740 Unreserved-Retained Earnings―The accumulated earnings of the proprietary funds that have been retained in the fund and that are not reserved for any specific purpose.

4. 751 Reserve for Inventories―a reserve representing that portion of a fund balance segregated to indicate that assets equal to the amount of the reserve are tied up in inventories and are, therefore, not available for appropriation. The use of this account is optional unless the purchase method of accounting for inventory is used.

5. 752 Reserve for Prepaid Items―a reserve representing that portion of a fund balance segregated to indicate that assets equal to the amount of the reserve are tied up on prepaid expenses and are, therefore, not available for appropriation. The use of this account is optional.

6. 753 Reserve for Encumbrances―a reserve representing that portion of a fund balance segregated to provide for unliquidated encumbrances, including those automatically carried over from prior years by law. Separate accounts may be maintained for current and prior-year encumbrances.

7. 760 Reserved-Fund Balance―a reserve representing that portion of a fund balance segregated to indicate that assets equal to the amount of the reserve are obligated and are, therefore, not available for appropriation. This would include funds that have met the availability criteria, as well as any other provider provisions that may be required, but have not yet been expended. It is recommended that a separate reserve be established for each special purpose. One example of a special purpose would be restricted Federal programs.

8. 770 Unreserved - Undesignated Fund Balance―the excess of the assets of a fund over its liabilities and fund reserves.

9. 780 Unreserved-Designated Fund Balance―a designation representing that portion of the fund balance segregated to indicate that assets equal to the amount of the designation have been earmarked by the governing board or senior management for a bona fide purpose in the future, such as general contingencies or for equipment replacement.

10. 790 Nonspendable Fund Balance—amounts that are not in a spendable form (such as inventories and prepaid items) and other amounts that are legally or contractually required to be maintained intact (such as principal of a permanent fund).

11. 795 Restricted Fund Balance—amounts constrained to specific purposes by their providers such as grantors, bondholders, and higher levels of government, through constitutional provisions, or by enabling legislation.

12. 796 Committed Fund Balance—amounts constrained to specific purposes by a government itself, using its highest level of decision-making authority; to be reported as committed, amounts cannot be used for any other purpose unless the government takes the same highest-level actions to remove or change the constraint.

13. 797 Assigned Fund Balance—amounts a government intends to use for a specific purpose; intent can be expressed by the governing body or by an official or body to which the governing body delegates the authority.

14. 798 Unassigned Fund Balance—amounts that are available for any purpose; these amounts are reported only in the general fund.

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:6(A)(10).

HISTORICAL NOTE: Promulgated by the Board of Elementary and Secondary Education, LR 26:483 (March 2000), amended LR 27:1684 (October 2001), repromulgated LR 34:1388 (July 2008), amended LR 36:1533 (July 2010), LR 37:1386 (May 2011).

§1107. Definition―Supplies vs. Equipment

A. An LEA can take two basic approaches to distinguish between supplies and equipment in the decision making situations: adopt a predetermined list of items, classifying each entry as either a supply or an item of equipment, or adopt a set of criteria to be used in making its own classification of supply and equipment items.

1. List of Items―At one time, the Federal Accounting Handbook contained lists of both supplies and equipment. Such lists can never be comprehensive or exhaustive, and quickly become outdated.

2. Set of Criteria―An item must be considered a supply if it does not meet all the stated equipment criteria listed below.

a. It can be expected to serve its principal purpose for at least one year.

b. It is nonexpendable; that is, if damaged or worn out, it can be repaired without being replaced.

c. It does not lose its identity through fabrication or incorporation into a different or more complex unit.

d. It is equal to or greater than $5,000 per unit cost in value. (The increase of the property threshold amount to $5,000 was advertised in the Louisiana Register and adopted as rule in the April 20, 2008 issue.)



NOTE: The unit cost of $5,000 does not apply to any program funded with 8g monies.

3. Food is always considered a supply. Software costs that are below the district’s capitalization threshold should be coded to supplies. Expenditures for software that exceed the district’s capitalization threshold should be coded to equipment.

B. School districts maintain rigorous accountability for their property whether it is capitalized or not. For accountability and internal control purposes, many items of property that do not meet the districts' capitalization threshold must be inventoried. Thus, the Department of Education recommends maintaining inventory and tracking items that do not meet the equipment criteria if needed for insurance purposes and/or the item has "street value." For instance, districts might inventory DVD players and computers for internal control purposes but not capitalize them due to their low cost.

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:6(A)(10).

HISTORICAL NOTE: Promulgated by the Board of Elementary and Secondary Education, LR 34:610 (April 2008), repromulgated LR 34:1388 (July 2008), ), amended LR 36:1533 (July 2010).

Chapter 13. Personnel Requirements

§1301. Minimum Requirements for Lead School Business Administrator/Chief Financial Officer/Business Manager (Local School Districts and Charter Schools)

A. Minimum qualifications, must meet one of the following:

1. a baccalaureate degree with a minimum of 24 hours of business-related courses, such as accounting, finance, or management;

2. a certified public accountant licensed in Louisiana;

3. a master's degree in public or business administration.

B. Work Experience. An applicant for a lead school business official shall have not less than three years of work experience in a field relevant to the duties and responsibilities of a lead school business administrator. Relevant areas shall include accounting, finance, or other areas of fiscal management.

C. Continuing Education. All lead school business administrators must acquire Certified Louisiana School Business Administrator (CLSBA) certification by the Louisiana Association of School Business Officials (LASBO) within seven years of the date of hire as an administrator/chief financial officer/business manager and maintain certification while employed as a lead school business administrator/chief financial officer/business manager. A Louisiana CPA license may be substituted for the CLSBA certification. The CPA license must remain in active status while employed as a lead school business administrator/chief financial officer/business manager.

D. Grandfather Clause. A lead school business administrator/chief financial officer/business manager employed prior to the final adoption of the law shall be exempt from meeting the minimum degree and work experience requirements. The lead school business administrator/chief financial officer/business manager shall be allowed seven years from the date of final adoption into law to complete the CLSBA certification or become a licensed CPA in the state of Louisiana.

E. Shared Services Provision. Statute allows city, parish, or other local public school boards to enter into an agreement to share business services, including the employment of a single business manager or chief financial officer. The shared business manager or chief financial officer must meet the minimum qualifications established by the State Board of Elementary and Secondary Education.

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:6(A)(10).

HISTORICAL NOTE: Promulgated by the Board of Elementary and Secondary Education, LR 33:434 (March 2007), amended LR 36:1533 (July 2010), LR 37:1386 (May 2011).

Chapter 15. Expenditure Requirements

§1501. Seventy Percent Expenditure Requirement

A. To provide for appropriate accountability of state funds while providing local school system flexibility in determining specific expenditures, local education agencies shall ensure that 70 percent of the local education agency general fund expenditures are in the areas of instruction and school administration at the school building level as derived by the Department of Education.

B. The definition of instruction shall provide for:

1. the activities dealing directly with the interaction between teachers and students including, but not limited to, teacher and teacher aide salaries, employee benefits, purchased professional and technical services, textbooks and instructional materials and supplies, and instructional equipment;

2. student support activities designed to assess and improve the well-being of students and to supplement the teaching process, including attendance and social work, guidance, health and psychological activities; and

3. instructional support activities associated with assisting the instructional staff with the content and process of providing learning experiences for students including activities of improvement of instruction, instruction and curriculum development, instructional staff training, library/media, and instructional related technology.

C. School administration shall include the activities performed by the principal, assistant principals, and other assistants while they supervise all operations of the school, evaluate the staff members of the school, assign duties to staff members, supervise and maintain the records of the school, and coordinate school instructional activities with those of the school system. These activities may also include the work of clerical staff in support of the teaching and administrative duties.

D. For local education agencies that fail this requirement, but perform at or above the state average in the district performance score (DPS), a waiver for this noncompliance should be provided.

E. For local education agencies that fail this requirement, and also perform below the state average in the district performance score (DPS), the following consequences shall apply.

1. Local education agencies shall assess expenditures in non-instructional areas including a self-assessment and/or hiring an independent firm to determine operational activities that could be streamlined through outsourcing, privatization, or consolidation and provide a report to BESE on the implementation plan to redirect any savings from these actions to instructional activities according to timelines set by the Department of Education.

2. Local education agencies shall examine the manner in which state and federal funds are utilized, make revisions to incorporate new spending patterns, and provide a report to BESE on the implementation of these actions according to timelines set by the Department of Education.

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:6 and 17:7.



HISTORICAL NOTE: Promulgated by the Board of Elementary and Secondary Education, LR 40:1333 (July 2014).





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