Accounting Procedures Handbook

7 CHART OF ACCOUNTS Manager will analyze the “state AFR edit” generated after submission of the Annual Financial Report, which is due to MSDE by November 15 of each year. This analysis will be performed in a timely manner and reviewed with the Comptroller prior to making any adjustments to the submission. IV. INTERNAL vs. STATE CHART OF ACCOUNTS The MSDE Financial Reporting Manual for Maryland Public Schools (Revised 2009) states the following in the Compliance sub-section of the Introduction section of the manual with respect to Charts of Accounts: “Maryland Local Education Agencies (LEAs) are required to adhere to the definitions of accounts contained in this Manual (i.e. MSDE Financial Reporting Manual for Maryland Public Schools) when submitting expenditure information to the Maryland State department of Education. Although LEAs may use a different chart of account or unique structures to record expenditures for purposes of internal control, they are required to report in accordance with the provisions outlined in this Manual to assure reasonable comparability. Differences between financial reports should be due to substantive differences in the underlying transactions rather than the selection of different alternatives in accounting procedures and practices. Failure to comply with the definitions and other requirement is a violation of State Board regulations and may be the basis for withholding State Aid (refer to Sections 2-303(b), 5-114, and 5-202(a) of the Education Article of the Annotated Code of Maryland).” WCBOE uses an internal chart of accounts but has a “Cross Walk” reporting mechanism to ensure each account matches with an appropriate MSDE account for reporting purposes. A. The WCBOE Chart of Accounts is broken down at the broadest level into the following Ledgers and Funds/Postings: General Ledger (GL) Fund 100 Current Expense Fund 120 Special Revenue Fund Fund 123 Print Shop Fund Fund 127 Instructional Resource Center Fund Fund 129 WCBOE Transportation Services Fund Fund 131 WCBOE Solar Facilities Fund Fund 300 School Construction Fund Fund 400 Debt Service Fund Fund 500 Food Services Fund Fund 700 Trust/Agency Fund Fund 800 General Fixed Assets Group Fund 900 Fixed Charges – Supplemental Fund 950 Proprietary Fund Posting Fund 980 GAAP Posting Fund 999 GASB Posting Student Activities Ledger (SA) Fund 600 Student Activities Fund