The purpose of the Uniform Financial Accounting and Reporting Standards (UFARS) GASB 54 Subcommittee is to review the Governmental Accounting Standards Board (GASB) Statement 54, Fund Balance Reporting and Governmental Fund Type Definitions and propose necessary modifications to UFARS to implement the new accounting standard.
Effective for school district and charter school financial reporting for FY 2011 and later years, GASB 54 will require fund balances, which have traditionally been classified as reserved and unreserved, to be classified in one of five categories:
U.S. Senate Youth Applications Due Oct. 24
Minnesota 11th- or 12th-grade students who hold an elected office in student government or civic or community organization during the 2014-15 school year are eligible to apply for the U.S. Senate Youth Program. Established in 1962, the program offers a unique educational experience for outstanding high school students interested in pursuing careers in public service. Two selected student leaders from each state, District of Columbia and the Dept. of Defense Education Activity will spend a week in Washington, March 7-14, 2015, experiencing their national government in action. Visit the U.S. Senate Youth Website.