[SchoolFinance] Reserve Accounts

[Towers, Denise]

Good afternoon,
The School Finance Team recommends that for RSUs, MSADs, and CSDs reserve funds stay in fund 1000.
If a Municipal Unit, the town can hold the reserve funds and when it is voted to be used, the town transfers to school and school will book it in as revenue code 1201 to fund 1000.
This was guidance give to us by an Auditor who conducts many school audits.
Auditors do have different opinions sometimes so a  confirmation with your Auditor may be a good idea.

________________________________________
Denise Towers
School Finance Regionalization & Compliance Coordinator
Maine Department of Education
23 State House Station
Augusta, Maine 04333-0023
Email: Denise.towers at Maine.gov<mailto:Denise.towers at Maine.gov>
Phone: 207-624-6863
Maine DOE<http://www.maine.gov/doe> | Facebook<https://www.facebook.com/MaineDepartmentofEducation1/> | Twitter<https://twitter.com/mdoenews> | Instagram<https://www.instagram.com/mainedepted/?hl=en> | Maine DOE Newsroom<https://mainedoenews.net/>

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