Fund Balances Clause Samples
The 'Fund Balances' clause defines how the remaining funds in an account or budget are calculated, managed, and reported. Typically, it outlines the method for determining available balances, such as subtracting encumbrances and expenditures from the total allocated amount, and may specify how surpluses or deficits are handled at the end of a period. This clause ensures transparency and accountability in financial management by providing clear rules for tracking and using funds, thereby preventing overspending and supporting accurate financial planning.
Fund Balances. The Superintendent or designee shall maintain fund balances adequate to ensure the District’s ability to maintain levels of service and pay its obligations in a prompt manner in spite of unforeseen events or unexpected expenses. The Superintendent or designee shall inform the Board whenever it should discuss drawing upon its reserves or borrowing money. The School District seeks to maintain a year-end fund balance to revenue ratio of no less than 15-20 percent, as calculated under the Ill. State Board of Education’s School District Financial Profile. CROSS REF.: 4:10 (Fiscal and Business Management), 4:80 (Accounting and Audits) Adopted: September 23, 2019
Fund Balances. The Superintendent or designee shall maintain fund balances adequate to ensure the District's ability to maintain levels of service and pay its obligations in a prompt manner in spite of unforeseen events or unexpected expenses. The Superintendent or designee shall inform the Board whenever it should discuss drawing upon its reserves or borrowing money. The School District seeks to maintain year-end fund balances no less than 50% percent of the annual revenues in the combined operating funds. CROSS REF.:4:10 (Fiscal and Business Management), 4:80 (Accounting and Audits) Adopted: September 17,2018
Fund Balances. The Superintendent or designee shall maintain fund balances adequate to ensure the District's ability to maintain levels of service and pay its obligations in a prompt manner in spite of unforeseen events or unexpected expenses.
Fund Balances. The Director or designee shall maintain fund balances adequate to ensure the Association's ability to maintain levels of service and payits obligations in a prompt manner in spite of unforeseen events or unexpected expenses. The Director or designee shall inform the Board whenever it should discuss drawing upon its reserves or borrowing money. The Association seeks to maintain a year-end fund balance to revenue ratio of no less than 25 percent, as calculated under the Ill. State Board of Education’s CROSS REF.:4:10 (Fiscal and Business Management), 4:80 (Accounting and Audits) Adopted: October 11, 2019
Fund Balances. The Superintendent or designee shall maintain fund balances adequate to ensure the District's ability to maintain levels of service and pay its obligations in a prompt manner in spite of unforeseen events or unexpected expenses. The Superintendent or designee shall inform the Board whenever it should discuss drawing upon its reserves or borrowing money. The School District seeks to maintain year-end fund balances no less than the range of 15-20 percent of the annual expenditures in each fund. LEGAL REF.: 105 ILCS 5/10-22.33, 5/17-1, 5/17-2A, 5/20-5, and 5/20-8. CROSS REF.:4:10 (Fiscal and Business Management), 4:80 (Accounting and Audits) ADOPTED:November 18, 1997 REVISED:October 21, 2008; September 17, 2013; June 19, 2018
Fund Balances. The Superintendent or designee shall maintain fund balances adequate to ensure the District's ability to maintain levels of service and pay its obligations in a prompt manner in spite of unforeseen events or unexpected expenses. The School District seeks to maintain year-end fund balances no less than 25 percent of the annual budgeted amount in the Operating funds (Education, O&M, Transportation, and Working Cash). When the Superintendent anticipates that the fund balance level will not reach the 25% target he or she shall inform the Board immediately. The Superintendent, with Board approval, will design a course of action to attempt to reach the targeted level. CROSS REF.: 4:10 (Fiscal and Business Management), 4:80 (Accounting and Audits) Adopted: October 4, 2018
Fund Balances. The Superintendent or designee shall maintain fund balances adequate to ensure the District's ability to maintain levels of service and payits obligations in a prompt manner in spite of unforeseen events or unexpected expenses. The Superintendent or designee shall inform the Board whenever it should discuss drawing upon its reserves or borrowing money. The School District seeks to maintain a year end fund balance that is equal to one year of operating expenses.The School District seeks to maintain a year-end fund balance to revenue ratio of no less than 15-20 percent, as calculated under the Ill. State Board of Education’s School District Financial Profile. CROSS REF.:4:10 (Fiscal and Business Management), 4:80 (Accounting and Audits) Adopted: September 23, 2019
Fund Balances. 28 9.9 Funding............................................................................28 9.10
Fund Balances. The Operating Agreem ent recognizes that divisions may build fund balances, but states that they will receive no interest on those funds. Some have asked about the rationale behind fund balances. A fund balance allows the organiza tion to proceed from one year to the next without worrying about what will happen if income sud denly takes a plunge. The fund balance is a reserve on which the Association can draw if there is a sudden drop in mem bership, if a conference proves to be a money-loser, or if some other unex pected problem results in a drastic reduction in projected income or increase in expenses.
Fund Balances. As prescribed by GASB Statement No. 54, governmental funds report fund balance in classifications based on the extent to which the Department is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. As of June 30, 2013, fund balances for governmental funds consist of Assigned Fund Balance that includes amounts intended to be used for specific purposes that are neither restricted nor committed. Intent is expressed by an action of the Fire Board passing a resolution for the assignation or delegation of the authority to assign amounts to be used for specific purposes. Likewise, a similar action is required to reverse the assignation. In circumstances when an expenditure is made for a purpose for which amounts are available in multiple fund balance classifications, fund balance is generally depleted in the order of restricted, committed, assigned and unassigned. Fund balances for all the governmental funds as of June 30, 2013 were as follows: Assigned to joint training program $178,774