Washington Code 28A.505.010 – Definitions
Current as of: 2023 | Check for updates
|
Other versions
The following terms when used in this chapter shall have the following meanings, unless where used the context thereof shall clearly indicate to the contrary:
Terms Used In Washington Code 28A.505.010
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Revenue: means an addition to assets of a fund of a school district during a fiscal period that is available to finance the fund's expenditures during the fiscal period. See Washington Code 28A.505.010
- Revenue accruals: means those revenues anticipated to be received in cash after the close of the fiscal period that represent reimbursement for expenditures incurred by the end of the fiscal period. See Washington Code 28A.505.010
(1) “Revenue” means an addition to assets of a fund of a school district during a fiscal period that is available to finance the fund’s expenditures during the fiscal period. Revenue does not accompany the increase of liabilities or represent refunds of previous disbursements. Revenue may be in the form of cash or in the form of noncash assets such as donated commodities. Revenue for accrual basis expenditure funds is limited to amounts received in cash or noncash donations plus or minus adjustments for revenue accruals.
(2) “Accrual basis expenditures” mean expenditures incurred during a given fiscal period, whether paid or unpaid.
(3) “Cash basis expenditures” mean actual disbursements during a given fiscal period except for debt service, regardless of when liabilities are incurred, or the period of incurrence of expenditures.
(4) “Cash basis revenue” means actual receipt of revenue not adjusted for revenue accruals.
(5) “Revenue accruals” means those revenues anticipated to be received in cash after the close of the fiscal period that represent reimbursement for expenditures incurred by the end of the fiscal period.
(6) “Appropriation” means the maximum authorization during a given fiscal period to incur expenditures.
(7) “Disbursements” mean payments in cash, including but not limited to issuance of warrants.
[ 1983 c 59 § 1; 1975-’76 2nd ex.s. c 118 § 1. Formerly RCW 28A.65.400.]
NOTES:
Application—Effective date—1983 c 59: “This act shall apply to school district budgets, financial statements, and bookkeeping and accounting procedures, practices, and principles beginning with fiscal year 1983-’84 starting September 1, 1983. This act shall take effect September 1, 1983.” [ 1983 c 59 § 19.]
Severability—1983 c 59: “If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected.” [ 1983 c 59 § 20.]
Severability—1975-’76 2nd ex.s. c 118: “If any provision of this 1976 amendatory act, or its application to any person or circumstance is held invalid, the remainder of the act, or the application of the provision to other persons or circumstances is not affected.” [1975-’76 2nd ex.s. c 118 § 37.]