[Busmgrs] A message from Barb Cruickshank: GASB 54, Changing a Fund Number

[WILTFONG Michael]

To be in compliance with GASB 54, the process for changing the fund number is the same as for changing a fund name.  The information below is if a Fund 200 - Special Revenue Fund must be moved to a 400 - Capital Projects Fund.

If your district is just starting the budget process for next year (11-12), just start a new 400 fund and budget zero in the 200 fund. If the budget committee has already approved the budget for next year, the board can make this change between the hearing and when they adopt the budget.  If the budget has already been adopted, adopt a resolution that the 200 fund is now a 400 fund.

If a change is required for the current year column (10-11), adopt a resolution that the 200 fund is now a 400 fund.

The names/numbers in the actual columns the for prior years in the budget document should not change.  The actual columns should reflect the actual name of the fund at the time the budget was adopted for each of those years.

A footnote in the budget or mention in the budget message could be used to explain the change from one number to the number in the next year's budget.  If such an explanation was not included in the 11-12 budget message, it should be done in the 12-13 budget message.

In all cases the electronic submissions should reflect the budget and audit/CAFR documents.

Barb Cruickshank
Oregon Dept of Education
(503) 947-5916
(503) 378-5156 Fax
barbara.cruickshank at state.or.us



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