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Examination of principles of accounting
Examination of principles of accounting
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In a time of financial hard ships, balancing a districts budget has become increasingly difficult. As a school board member for the Peoria School district it is important and crucial to effective budget decision making to be educated on the school districts budget design and delegated responsibilities within the system. These decisions need to be made based on the protection of public funds and property. “The legal responsibility for such protection rests solely with the board of education in each school district” (Brimley, Verstengen, Garfield, 2012, pg. 332). Areas vital to this effective decision making of a board member are account practices, superintendent and board member responsibilities for a building budget, key terminology, how the funds are budgeted and coordinated, district budget timelines, enrollment projections and how they are calculated, and the possible considerations of staff requisitions. Every decision of a board member is of the upmost importance when balancing a district’s budget in 2014.
Accounting Practices
Accounting practices of a building budget are called GAAP; general accepted accounting principles (Brimley, Verstengen, Garfield, 2012). These practices are adopted by all school agencies in order to spend revenue the most effective and efficient way. Another goal is to make the money go as far as possible, therefore it is important to have a committee, team, and well researched established plan. “Schools can not achieve their instructional goals without the wise expenditure of public funds” (Brimley, Verstengen, Garfield, 2012, pg. 304). The principles include accuracy, completeness and timeline, simplicity, and uniformity of the accounting system (Brimley, Verstengen, Garfield, 2012). In every dist...
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...e Bottom Line. American School Board Journal, 195(5), 46-51.
Brimley, V., Verstengen, D. A., and Garfield, R. R. (2012). Financing Education in a Climate of
Change (11th ed). Boston: Pearson
Eadie, D. (2007). Building a Budget. American School Board Journal, 194(5), 50-51.
NCES. (2011, March). Projections of Education Statistics to 2019 - Introduction to Projection
Methodology: Elementary and Secondary Enrollment. Projections of Education Statistics to 2019 - Introduction to Projection Methodology: Elementary and Secondary Enrollment. Retrieved February 23, 2014, from http://nces.ed.gov/programs/projections/projections2019/app_a1.asp
Peoria Unified School District | Financial Transparency. (2013). Peoria Unified School District |
Financial Transparency. Retrieved February 23, 2014, from https://www.peoriaud.k12.az.us/admin/Pages/FinancialTransparency.aspx
The American public school system faces an education crisis. According to Benjamin Barber, American children barely surpass the lowest standards set for education, especially in literacy, throughout the county’s history. Barber supports the existence of this crisis in his essay “America Skips School”, but argues against a solution to remedy the numerous problems facing the system. Although he acknowledges no solution, Barber suggests a smarter flow of financial resources will address many of the issues, however, he fails to acknowledge the distribution of this money. Barber’s suggestion for smarter financial resources for schools can be effectively implemented through a structured committee focused solely on the distribution of money.
Connecting people to the success of the district is one matter, but asking them to support it financially is another. The district is growing in size and is in need of new facilities and internal academic structures to support the growth. As the district continues to grow she is challenged with ensuring that the schools continue to interact with each other and do not return to the independent silos they were when she arrived. Ms. Hall realizes that she is the internal and external face of the district. She takes that very seriously and therefore, tires to view challenges as opportunities and successes as building blocks and
In all colleges in the United States, students are required to pay for their classes’ tuition either by themselves, their parents, guardians or a scholarship that they may have. The average tuition fee for an individu...
Roy, Joydeep. "Impact of School Finance Reform on Resource Equalization and Academic Performace: Evidence from Michigan." Mitpress Journels, 2003: 1-31.
In order to develop a better job with school finances the administrator had to dedicate time, and consider many factors not just the monetary aspect, but also, an administrator has to have are where to allocate the funds, the amount available, and resources provided. Also, the importance that the financial system sees public education as an important source for the future of the children and their investments are guide tours the education (Rose, 2013). Finances at schools allows them to obtain programs to enhance the education and encourage to keep a good attendance. All schools and districts need to be somewhat strong financially in order to provide students with a higher quality education as well the technology advantages.
I went to the school board meeting on March 21, 2016 in Kanawha. The following people were at the council: Wayne Kronneman, Leah Deutsch, Ryan Hiscocks, Ryan Johnson, Jay Burgardt, Mona Buns, Gary Chizek, Todd Hammer, and Jon Harle. The others were mainly community member which included teachers, principals, parents and supporters. Some of the West Hancock staff included Mr. Peterson, Mrs. DeHart, Mrs. Bruns, Mr. Francis, Mrs. Gast and others. The other people who were there were parents and other community members. The first part of the meeting was the revision of the budget and presentation of the budget. This was given by Wayne Kronneman. He explained the budget of this year and how it compared to last years. Also he also talked about the budget for next year. After that they had a discussion with the
Ask any college student to state one of their largest expenses and it would be safe to bet the response would be “Textbook prices!” The cost of purchasing required materials for courses has reached numbers high enough to cause many students to take out second loans. Information released this year by the American Enterprise Institute shows that “College textbook prices have increased faster than tuition, health care costs and housing prices, all of which have risen faster than inflation” (Kingkade, 2013). This information equates to an 812% increase in the cost of college textbooks over what they were just over thirty years ago (Kingkade, 2013). The figure here shows an unusually large increase that has far outpaced that of average inflation. Combine this information with the equally troubling information released by Bloomberg stating “college tuition and fees have increased 1,120 percent since records began in 1978” and a serious financial problem for students emerges(Huffington Post, 2012). One thing should be clear given these statistics: something must be done to help lessen the financial burden being placed on today’s students. Considering the implications of these two figures, the University of Delaware should attempt to remedy the increasing cost of textbooks as soon as possible before they overwhelm students any more than they already have. In order to help reduce these runaway costs, this institution should pursue a policy similar to those high schools and elementary schools practice, namely a sort of loan program.
Lankford, Ronald D. "Chapters 2 and 3." The Rising Cost of College. Detroit: Greenhaven, 2009. N. pag. Print.
The skyrocketing price of college tuition is causing a tremendous concern over whether higher education will be a viable financial concept to the average citizen over the next decades. Some families have opted to explore different means of obtaining a higher education for their children as these costs escalate. There is overwhelming evidence that colleges need to restructure the way they are run because tuition prices are increasing at a rapid rate causing changes in the way students fund their education and in the way the government provides educational subsidies.
Marshall, M.H., McManus, W.W., Viele, V.F. (2003). Accounting: What the Numbers Mean. 6th ed. New York: McGraw-Hill Companies.
Johnstone, Bruce. "Investing more equitably and efficiently in higher education, creating value for America." National Dialogue on Student Financial Aid (2003): 6-10. Print.
Increasing college costs has proven to be a major issue for those who pursue higher learning. With institutions raising tuition and fees, students are forced to make life-altering sacrifices to repay soaring student loans. We have come to a pivotal place in history, where individuals have no choice but to minimize or delay important life decision’s such as moving home with their parents to save money, becoming home owners, retirement saving and forfeiting higher education. The impact of increasing college costs has become so severe that it is at the forefront of politicians, political agenda, inducing conversation and policies like the revised income-driven repayment program. The program proposed to help combat the effects of massive student loans.
Even in this time of struggle, with billions of dollars going towards various war efforts overseas, America still has managed to keep taxpayer investments in education higher than that of funds for national defense (U.S Department of Education). In the 2004-05 school year, there was an estimated amount of 536 billion dollars set aside from taxpayer investment for education purposes. Without a doubt, education is a priority for the American government, and if these funds are used in the correct way, there is no reason why each and every kid in the United States shouldn’t be getting a quality education. However, the organization of the financial system is flawed, funds are not handled proportionately at the state level; rather, this system favors the wealthier districts and hands more funds to them while the less wealthier districts are handed a smaller pool of funds. This really affects America’s quality of education, which also reflects upon how America fairs on the world stage when it comes to competition in education with other countries. The disorganization of funds in the United States can be seen in the Hoover City School district, which has bought every student in that district an iPad for use in school. The first problem with this is that this school district does not even have a viable bus system that can transport students to and from school. Secondly, not even 20 miles from this district lies the Birmingham City School district where a little more than half the students are graduating, compared to Hoover City Schools where a bit more than 90 percent of the students are graduating. If anything, the state should be working towards improving educational standards in lower-income communities rather than debating on the log...
I learned that school budgets not only inform us of priorities, but they can also serve as a communication tool for the whole district. I feel as if our school could use the budget as an opportunity to discuss progress as well as our strategic plan, but they don’t. Teachers and parents rarely hear about the budget’s educational and operational objectives and accomplishments. This is definitely something my school could improve on, since the school budget should reflect the community and their values. I also think there is a skewed public, and even faculty, perception regarding the school budget. Some of these views include that the school budget is wasteful, administrators are overpaid, administrators are not forward-thinking, and money is spent in the wrong areas. These adverse perceptions of the school budget are often heard during difficult economic times, such as when our school district recently went on fiscal distress. However, I have learned that without meaningful involvement of the community, educators, and staff, these perceptions will never
O’Dubhslainé, A. 2006. The White Paper On Education: A Failure To Invest. Student Economic Review. 20 p 115