All school districts must utilize the following methods of revenue and expenditure recognition in budgeting, accounting and financial reporting:

Terms Used In Washington Code 28A.505.020

  • 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.
  • 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
(1) Recognize revenue as defined in RCW 28A.505.010(1) for all funds: PROVIDED, That school districts that elect the cash basis of expenditure recognition under subsection (2) of this section shall recognize revenue on the cash basis.
(2) Recognition of expenditures for all funds shall be on the accrual basis: PROVIDED, That school districts with under one thousand full time equivalent students for the preceding fiscal year may make a uniform election for all funds, except debt service funds, to be on the cash basis of expenditure recognition. Notification of such election shall be given to the state superintendent of public instruction in the budget of the school district and shall remain in effect for one full fiscal year.
[ 1990 c 33 § 416; 1983 c 59 § 2; 1980 c 18 § 1; 1975-’76 2nd ex.s. c 118 § 2. Formerly RCW 28A.65.405.]

NOTES:

Application—Effective date—Severability—1983 c 59: See notes following RCW 28A.505.010.
Severability—1975-’76 2nd ex.s. c 118: See note following RCW 28A.505.010.
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