2011T12 ANNUAL BUDGET - Granite School District

Granite School District
Glossary of Terms
GASB (Governmental Accounting Standards Board) - The authoritative accounting and financial
reporting standard-setting body for government entities.
Governmental Fund Types - Funds used to account for the acquisition, use and balances of expendable
financial resources and the related current liabilities - except those accounted for in proprietary funds and
fiduciary funds. In essence, these funds are accounting segregation of financial resources. The
maintenance & operation fund, special revenue funds and capital outlay fund are classified as
Governmental Fund Types.
Indirect Costs - Those elements of costs necessary in the production of a good or service which are not
directly traceable to the product or service.
Instruction - The function assigned to activities dealing directly with the interaction between teachers and
students. Teaching may be provided for pupils in a school classroom, in another location such as a home
or hospital, and in other learning situations such as those involving other medium such as television, radio,
telephone, and correspondence. Included here are the activities of aides or assistants of any type, (clerk,
graders, teaching machines, etc.) which assist in the instructional process.
Internal Service Funds - Funds used to account for the financing of goods or services provided by one
department or agency to other departments or agencies of a government, or to other governments, on a
cost-reimbursement basis.
Inventory - A detailed list or record showing quantities, descriptions and values. Frequently the units of
measure and unit prices of property on hand at a given time, and the cost of supplies and equipment on
hand not yet distributed to requisitioning units are also listed.
Liabilities - Probable future sacrifices of economic benefits, arising from present obligations of a particular
entity to transfer assets or provide services to other entities in the future as a result of past transactions or
events.
Location - Group activities and operations that take place at a specific site or area, such as an elementary
school.
The General Fund - The governmental fund used by the district to account for all financial resources
applicable to the general operations of the district which are not restricted or designated as to use by
outside sources and which are not required to be accounted for in another fund.
Minimum School Finance Act - Utah Code 53A-17A - Under the Act, each district in the State is
guaranteed a dollar amount per WPU to fund the Minimum School Program. The purpose of the Act is to
meet the constitutional mandate that all children are entitled to reasonable equal educational opportunities.
The source of funds is the State income tax.
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