HomeMy WebLinkAboutRes 11-12 WA Approving the Adoption of GASB 54 Standards WESTLAKE ACADEMY
RESOLUTION 11-12
A RESOLUTION OF THE WESTLAKE ACADEMY BOARD OF TRUSTEES
APPROVING AND ADOPTING THE GOVERNMENTAL ACCOUNTING
STANDARDS BOARD (GASB) 54 POLICY, DELEGATING THE RESPONSIBILITY
TO ASSIGN FUNDS TO THE SUPERINTENDENT OR HIS DESIGNEE AND
AMENDING THE EXISTING FISCAL AND BUDGETARY POLICIES TO INCLUDE
THE NEW POLICY.
WHEREAS, The Board of Trustees being convened in Regular Session on the 15th day
of August, 2011, with a quorum present; and,
WHEREAS, the Board of Trustees finds that the passage of this Resolution is in the best
interest of the citizens of Westlake as well as the students, their parents, and faculty of Westlake
Academy.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
WESTLAKE ACADEMY:
SECTION 1: That, all matters stated in the recitals hereinabove are found to be true and
correct and are incorporated herein by reference as if copied in their entirety.
SECTION 2: That, the Board of Trustees Westlake Academy, hereby adopts
Governmental Accounting Standard Board Statement (GASB) 54 effective August 15, 2011. To
comply with GASB 54, the following policies will be adopted:
The District shall report governmental fund balances per GASB 54 definitions in the balance
sheet as follows:
• Nonspendable
• Restricted
• Committed
• Assigned
• Unassigned
The Board of Trustees shall approve all commitments by formal action. The action to commit
funds must occur prior to fiscal year-end, to report such commitments in the balance sheet of the
respective period, even though the amount may be determined subsequent to fiscal year-end. A
commitment can only be modified or removed by the same formal action.
The Board of Trustees delegates the responsibility to assign funds to the Superintendent or
his/her designee. The Board of Trustees shall have the authority to assign any amount of funds.
Assignments may occur subsequent to fiscal year-end.
Resolution 11-12
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The Board of Trustees will utilize funds in the following spending order:
• Restricted
• Committed
• Assigned
• Unassigned
SECTION 3: If any portion of this resolution shall, for any reason, be declared invalid
by any court of competent jurisdiction, such invalidity shall not affect the remaining provisions
hereof and the Council hereby determines that it would have adopted this Resolution without the
invalid provision.
SECTION 4: That this resolution shall become effective from and after its date of
passage.
PASSED AND APPROVED ON THIS 15th DAY OF AUGUST, 2011.
Laura Aeat, President
ATTEST:
Kelly f-dwatW, Board Secretary Thomas E. B er, perintendent
APPROV S T OR
L. Anton anet S. Bubert,
School Attorney
Resolution 11-12
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