Mountain View Whisman School District
Agenda Item for Board Meeting of 5/6/2021
Agenda Category: REVIEW AND ACTION
Agenda Item Title: Resolution No. 04-050621 to Establish a Student Activity Special Revenue Fund 08 (10 minutes)
Estimated Time: 5 minutes
Person Responsible: Rebecca Westover, Ed. D., Chief Business Officer
It is necessary to establish a Student Activity Special Revenue Fund 08 to be used to account for student body activities that do not meet the fiduciary criteria established in GASB 84.
The Governmental Accounting Standards Board (GASB) issued Statement 84, Fiduciary Activities, in January 2017. The requirements in this Statement are intended to enhance the consistency and comparability of fiduciary activity reporting by state and local governments. In addition, this Statement is intended to improve the usefulness of fiduciary activity information primarily for assessing the accountability of governments in their roles as fiduciaries. The Statement was originally effective beginning 2019–20. However, GASB 84 was postponed for one year. For GASB 84, the new effective date is 2020-2021.
It is recommended that the Board of Trustees approve Resolution No. 04-050621 to Establish a Student Activity Special Revenue Fund 08.