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| Agency Fund: A fund consisting of resources received and held by the school unit as a agent for the students. | |||
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| Appropriated Funds: Money set aside by law for a specific public purpose. Unless otherwise allowed by law, no government funds can be expended by any department unless first appropriated by the legislature through law. Appropriated amounts are based on budget requests submitted by the departments. | |||
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| Chartered Clubs: Same as Independent School Clubs. | |||
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| Control Account: An account in the general ledger that consist of related sub-accounts. The total of the related sub-accounts should total the balance in the related control account. | |||
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| Credit: Any entry on or to the right side of a balance sheet, T-account, or journal entry. The Local School Accounts that normally carry a credit (right side) balance include School Activities (100), Revenue Raising (300), Student Activities (400), and Trust and Agency (500) accounts. Increases to these accounts would be credits while decreases would be debits. | |||
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| Credit Memo: A bank form (or memo) used by a bank to explain an addition to a depositor's bank account. (Note that the term "credit memo" may seem reversed to the depositor--- this is true because the transaction is a credit to the bank.) | |||
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| Current Assets: Those assets which are available or can be made readily available to meet the cost of operations or to pay current liabilities. In the Local School Account current assets will generally consist of Cash and investments that mature in one year. | |||
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| Custodian: One that guards, protects or maintains; especially one entrusted with guarding and keeping property or records. | |||
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| Debit: Any entry on or to the left side of a balance sheet, T-account, or journal entry. The Local School Accounts that normally carry a debit (left side) balance are your Cash (010) and Investment (030) accounts. Increases to these accounts would be debits while decreases would be credits. | |||
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| Debit Memo: A bank form (or memo) used by a bank to explain a deduction to a depositor's bank account. (Note that the term "debit memo" may seem reversed to the depositor--- this is true because the transaction is a debit to the bank.) | |||
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| Fund: A sum of money or other resources set aside for the purpose of carrying on specific activities or attaining certain objectives. | |||
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| Idle funds: Funds that are not needed to meet the schools current operations or fiscal obligations. | |||
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| Independent School Club: A club that has been sanctioned or approved by the school principal but elects to keep their financial records and moneys separate from the school's Local School Account. | |||
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| Interest Income: Money earned from investments based upon the time value of money. | |||
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| Journal Voucher: Accounting journal entries into an accounting system for the purposes of making corrections or adjustments to the accounting data. For control purposes, all JVs should be approved by the appropriate, designated authority. | |||
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| Non-Appropriated Local School Fund: Monies not appropriated by legislative act; monies collected from students and other sources for their use and maintained by the school as a custodian for the students that do not require deposit into the State Treasury as authorized under Section 298-5 H.R.S. (e.g. class dues, student association dues, yearbook, newspaper, school club dues, money-raising funds, excursions, etc.) | |||
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| School Sanctioned Club: A club that has been sanctioned or approved by the school principal and keeps their funds inside the school's Local School Account. | |||
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| School Sponsored Organization: Any group or club that has been sanctioned or approved by the school principal and keeps their funds inside the school's Local School Account. (Typically includes School Sanctioned Club and Chartered Club Account.) | |||
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| State Treasury: The place of deposit and disbursement of collected funds; especially one where public revenues are deposited, kept and disbursed. | |||
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| Sub-Account: One or more accounts that make up the Control Account. These sub-accounts are related to the control account and provide more detail of the Control Account. The total of the related sub-accounts will equal the related Control Account. | |||
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| Support Group: An organization or group that is outside the auspices of the DOE or school and thus is responsible for their own actions (i.e. pay their own General Excise and income taxes, and are not entitled to use the DOE's federal identification number). Examples will include PTSO's and booster clubs. | |||
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| Tax Clearance: A certificate issued by the Department of Taxation certifying that the taxpayer has filed all tax returns due and paid all amounts owed as of the date the certificate is issued. | |||
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| Trustee/Agent: A natural or legal person to whom property is legally committed to be administered for the benefit of a beneficiary/one who acts for or in the place of another by authority from him. | |||
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| Trust Fund: A fund consisting of resources received and held by the school unit as trustee, to be expended or invested in accordance with conditions of the trust. | |||
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Office of Business Services School Support Section Street Address: 3633 Waialae Avenue, Room B302, Honolulu, Hawaii 96816 Phone: (808) 733-4735 Fax: (808) 735-8244 E-mail: obs2sss@k12.hi.us |
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