Distrito Escolar del - Osceola County School District

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
‣ Reporting Entity
The District School Board has direct responsibility for operation, control, and supervision of District
schools and is considered a primary government for financial reporting. The Osceola County School
District (District) is considered part of the Florida system of public education. The governing body
of the school district is the Osceola County District School Board (Board), which is composed of
five elected members. The appointed Superintendent of Schools is the executive officer of the
School Board. Geographic boundaries of the District correspond with those of Osceola County.
Criteria for determining if other entities are potential component units that should be reported within
the District's basic financial statements are identified and described in the Governmental Accounting
Standards Board's (GASB) Codification of Governmental Accounting and Financial Reporting Standards,
Sections 2100 and 2600. The application of these criteria provides for identification of any entities
for which the Board is financially accountable and other organizations for which the nature and
significance of their relationship with the Board are such that exclusion would cause the District's
basic financial statements to be misleading or incomplete. Based on the application of these criteria,
the following component units are included within the reporting entity of the District:
Blended Component Units. The District’s employee group health and life insurance program,
described in Note 21, is administered through the Osceola County District School Board Group
Health and Life Insurance Trust. Assets necessary to fund the program are transferred to the
Trust; however, under the terms of the Trust agreement, the District retains control of the assets.
Therefore, the financial activities of the Trust are reported in the District’s financial statements.
Separate financial statements for the Trust are not published.
The Osceola School Board Leasing Corporation, Inc. (Leasing Corporation) was formed to
facilitate financing for the acquisition of facilities and equipment. The governing board of the
Leasing Corporation is the Board. Due to the substantive economic relationship between the
District and the Leasing Corporation, the financial activities of the Leasing Corporation are
included in the accompanying basic financial statements. Separate financial statements for the
Leasing Corporation are not published.
Discretely Presented Component Units. The component units’ columns in the government-wide
financial statements include the financial data of the District's other component units as follows:
The Foundation for Osceola Education, Inc., is a separate not-for-profit corporation organized
and operated as a direct-support organization under Section 1001.453, Florida Statutes, to
provide charitable and educational aid to the Board, to promote education, and to encourage
research, learning, and dissemination of information. Because of the nature and significance of
its relationship with the District, the Foundation is considered a component unit. An annual
audit of the organization’s financial statements is conducted by an independent certified public
accountant and is filed in the District’s administrative office.
214