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COUNTY BOARDS OF EDUCATION SUGGESTED NOTES TO THE - wvde state wv

COUNTY BOARDS OF EDUCATION SUGGESTED NOTES TO THE - wvde state wv 2025

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The document outlines the financial statements and accounting policies of County Boards of Education for fiscal year 2011, detailing significant accounting principles, fund balance classifications, changes in accounting policies, employee retirement systems, and post-employment benefits. It emphasizes compliance with GAAP and GASB standards, describes encumbrance accounting, and categorizes fund equity into nonspendable, restricted, committed, assigned, and unassigned balances. Additionally, it discusses the Teachers' Defined Benefit and Defined Contribution Retirement Systems along with funding statuses and required contributions.

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Begin with Note 1, where you will summarize significant accounting policies. Ensure you understand GAAP and GASB standards as they apply to local government units.
Proceed to section D on Encumbrances. Here, record any purchase orders or contracts that reserve funds for future expenditures, ensuring they are categorized correctly in your fund balance.
In the Fund Equity section (N), classify fund balances into Nonspendable, Restricted, Committed, Assigned, and Unassigned categories based on the constraints applicable to each fund.
Review Note 10 regarding the Employee Retirement System. Fill in details about contributions and benefits accurately based on your records.
Finally, complete Note 15 by detailing any commitments or contingencies that may affect financial statements. Ensure all amounts are accurate and reflect current obligations.

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