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Meeting Date:
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6/28/2022 - 7:00 PM
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Category:
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CONSENT ITEMS - RESOLUTIONS
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Type:
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Action
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Subject:
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12.6 Resolution No. 130-21/22, Authorization to Establish A Foundation Special Revenue Fund
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Attachment Summary
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File Attachment:
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Quick Summary / Abstract:
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Background:
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The California Department of Education (CDE) has authorized school
districts to establish a separate fund in accordance with provision of
Statement No. 84 of the Governmental Accounting Standards Board
(GASB) for reporting foundation activities.
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Status
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The CDE requires that a Governing Board adopt a resolution
certifying approval for our District to establish a Foundation Special
Revenue Fund (Fund 19). Fund 19 will be used to account for
resources received from gifts or bequests pursuant to Education
Code Section 41031 under which both earnings and principal may be
used for purposes that support our District's programs and where
there is a formal trust agreement with the donor.
Pursuant to Education Code Section 41032, the amounts in Fund 19
shall be expended only for specific purposes of the gift or bequest.
The establishment of Fund 19 will replace our current Scholarship
Fund 73.
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Fiscal Impact
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There is no impact to the General Fund.
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Superintendent's Recommendation:
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Our Superintendent recommends adoption of Resolution No. 130-21/22 Authorization to Establish A Foundation Special Revenue Fund (Fund 19).
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Approvals:
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Recommended By:
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Signed By:
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Jodi Robison - Executive Assistant
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Signed By:
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Susan Kinder - Assistant Superintendent
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Signed By:
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Kelly Bowers, Ed.D. - Superintendent
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Vote Results:
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| Original Motion | | Member Emily Prusso Moved, Member Kristie Wang seconded to approve the Original motion 'Our Superintendent recommends adoption of Resolution No. 130-21/22 Authorization to Establish A Foundation Special Revenue Fund (Fund 19).'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Craig Bueno | Yes | | Anne White | Yes | | Emily Prusso | Yes | | Kristie Wang | Yes | | Yanira Guzman | Yes | |
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