<div dir="ltr"><div class="gmail_default" style="font-family:georgia,serif;font-size:small">We went through this last year and our auditor said to set it up reserves as a separate fund "1010" and use "1000" as the external reporting code to satisfy the State's requirement that it be included under the general fund.</div><div class="gmail_default" style="font-family:georgia,serif;font-size:small"><br></div><div class="gmail_default" style="font-family:georgia,serif;font-size:small">When I emailed the State to make sure it worked on their level, this was the response I received:</div><div class="gmail_default" style="font-family:georgia,serif;font-size:small"><br></div><div class="gmail_default" style="font-family:georgia,serif;font-size:small"><span style="font-family:Arial,Helvetica,sans-serif">"Masking a code for tracking purposes makes perfect sense. This way, you have specific detail for your needs and we see this in the 1000 fund as we expect."</span><br></div><div class="gmail_default" style="font-family:georgia,serif;font-size:small"><br></div><div><div dir="ltr" class="gmail_signature" data-smartmail="gmail_signature"><div dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><font size="2" face="georgia, serif">Patti Riggs</font><div><font size="2" face="georgia, serif">Finance Manager</font></div><div><font size="2" face="georgia, serif">Regional School Unit #24</font></div><div><font face="georgia, serif" size="2">2165 US Highway 1</font></div><div><font face="georgia, serif" size="2">Sullivan ME 04664</font></div><div><span style="font-family:georgia,serif"> (207) 460-7165</span><br></div><div><font face="georgia, serif" size="2"><br></font></div><div><font face="arial, helvetica, sans-serif" size="1"><i>Confidentiality Notice: This electronic message, including any attachments, is for the sole use of the intended individual or entity to which it is addressed and may contain information that is privileged, confidential, and exempt from disclosure under applicable law. Any unauthorized review, use, disclosure, or distribution is strictly prohibited. If you are not the intended recipient, please contact the sender by reply e-mail and destroy/delete all copies of the original message.</i></font><font face="georgia, serif" size="2"><br></font></div><div><br></div></div></div></div></div></div></div></div><br></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Mon, Jul 24, 2023 at 7:39 AM Lisa Harkin <<a href="mailto:lharkin@kitteryschools.com" target="_blank">lharkin@kitteryschools.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div dir="ltr">Agreed with Pete Orne, keep it on the Balance Sheet.<div>Unfortunately, the person before me set up completely new funds, so I kept things consistent.</div><div><br></div><div>Yes, I have asked our auditors, many times, I'm sure they are sick of me asking but I am def going to ask if I can move the balance out of the separate funds and onto our Balance Sheet, like Pete has done.</div><div><br></div><div>Thanks!</div><div><br></div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Fri, Jul 21, 2023 at 1:57 PM Pete Orne <<a href="mailto:pete.orne@fivetowns.net" target="_blank">pete.orne@fivetowns.net</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div dir="ltr">What I finally went with is a "Restricted Account" to show that those previously undesignated funds must be used for a certain purpose. This is an equity account like your Undesignated Fund Balance.<div><br></div><div>In the handbook (Sep 2022 version), on page 7-10 you'll see 7200 are restricted fund balances, so 1000.0000.0000.37200.000 would be a generic restricted account. You'll see there are more descriptive accounts for Capital Reserves (37210), Special Ed (37240) and other funds (372?0).</div><div><br></div><div>A journal entry moving undesignated to restricted is all you need.</div><div><br></div><div>When you use the funds you'll want to move the money to the appropriate fund to track the use.</div><div><br></div><div>Please let me know if you have any questions.</div><div><br></div><div>Pete</div><div><br clear="all"><div><div dir="ltr" class="gmail_signature"><div dir="ltr"><p class="MsoNormal"><span style="font-family:"Times New Roman",serif;color:rgb(31,73,125)">Pete Orne, </span><span style="font-size:9pt;font-family:"Times New Roman",serif;color:rgb(31,73,125)">SFO</span><br></p><p class="MsoNormal"></p>
<p class="MsoNormal"><span style="font-family:"Times New Roman",serif;color:rgb(31,73,125)">Business Manager</span></p>
<p class="MsoNormal"><span style="font-family:"Times New Roman",serif;color:rgb(31,73,125)">Camden Rockport/Five Town
CSD</span></p>
<p class="MsoNormal"><span style="font-family:"Times New Roman",serif;color:rgb(31,73,125)">22 Knowlton St.</span></p>
<p class="MsoNormal"><span style="font-family:"Times New Roman",serif;color:rgb(31,73,125)">Camden, ME 04843</span></p>
<p class="MsoNormal"><span style="font-family:"Times New Roman",serif;color:rgb(31,73,125)"> </span></p>
<p class="MsoNormal"><span style="font-family:"Times New Roman",serif;color:rgb(31,73,125)"> </span></p>
<p class="MsoNormal"><u><span style="font-family:"Times New Roman",serif;color:rgb(5,99,193)"><a href="mailto:pete.orne@fivetowns,net" target="_blank">pete.orne@fivetowns,net<br></a></span></u></p><p class="MsoNormal"><u><span style="font-family:"Times New Roman",serif;color:rgb(5,99,193)"><a href="mailto:pete.orne@fivetowns,net" target="_blank"><br></a></span></u></p><p class="MsoNormal"><img width="95" height="96" style="color: rgb(31, 73, 125); font-family: "Times New Roman", serif;" src="https://ci3.googleusercontent.com/mail-sig/AIorK4wAVxTkTTfcgSC92BBVGSKYUCkASzcajM5hc7ErT0r76VLNMnghrG-Mc95wKVkc1yDsgrrd1MM"><img width="96" height="96" style="color: rgb(31, 73, 125); font-family: "Times New Roman", serif;" src="https://ci3.googleusercontent.com/mail-sig/AIorK4xNUh2MmGTPny7v0747Tww0SzOEaAjQp8o4QoFa-R13i0fUqAgnDUHVcYKa6cpHsW_0gDAnZ18"><u><span style="font-family:"Times New Roman",serif;color:rgb(5,99,193)"><a href="mailto:pete.orne@fivetowns,net" target="_blank"><br></a></span></u></p></div></div></div><br></div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Fri, Jul 21, 2023 at 11:54 AM Alice Tucker <<a href="mailto:atucker@cherryfieldschool.org" target="_blank">atucker@cherryfieldschool.org</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div dir="ltr"><div class="gmail_default" style="font-family:georgia,serif">Good Morning;</div><div class="gmail_default" style="font-family:georgia,serif">I have never dealt with a reserve account before and the school board/town voted to put a certain amount from our carryover into a reserve account for unexpected expenditures for 2023-2024. Can anyone tell me how to do the accounting for this? I have looked at the accounting handbook but could not figure it out.</div><div class="gmail_default" style="font-family:georgia,serif"><br></div><div><div dir="ltr" class="gmail_signature"><div dir="ltr"><div><font size="2" face="georgia, serif"><i>Alice Tucker</i></font></div><div><font size="2">Administrative Assistant</font></div><div><font size="2">Cherryfield School Department</font></div><div><font size="2">207-546-7770</font></div></div></div></div></div>
_______________________________________________<br>
SchoolFinance mailing list<br>
<a href="mailto:SchoolFinance@maillist.informe.org" target="_blank">SchoolFinance@maillist.informe.org</a><br>
<a href="http://maillist.informe.org/mailman/listinfo/schoolfinance" rel="noreferrer" target="_blank">http://maillist.informe.org/mailman/listinfo/schoolfinance</a></blockquote></div>
_______________________________________________<br>
SchoolFinance mailing list<br>
<a href="mailto:SchoolFinance@maillist.informe.org" target="_blank">SchoolFinance@maillist.informe.org</a><br>
<a href="http://maillist.informe.org/mailman/listinfo/schoolfinance" rel="noreferrer" target="_blank">http://maillist.informe.org/mailman/listinfo/schoolfinance</a></blockquote></div><br clear="all"><div><br></div><span class="gmail_signature_prefix">-- </span><br><div dir="ltr" class="gmail_signature"><div dir="ltr"><div dir="ltr"><div dir="ltr"><div>Lisa Harkin</div><div>207-651-3407</div>
<div>Finance Manager</div></div></div></div></div>
_______________________________________________<br>
SchoolFinance mailing list<br>
<a href="mailto:SchoolFinance@maillist.informe.org" target="_blank">SchoolFinance@maillist.informe.org</a><br>
<a href="http://maillist.informe.org/mailman/listinfo/schoolfinance" rel="noreferrer" target="_blank">http://maillist.informe.org/mailman/listinfo/schoolfinance</a></blockquote></div>