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B ASIC F INANCIAL S TATEMENTS S ECTION 2MiscellaneousThese items are expenditures not classified or included elsewhere.Capital EquipmentExpenditures in this category include costs for acquiring fixed assets such as initial equipment or replacement of equipment.Unit cost and useful life may be specified by entity.Indirect CostsThese costs represents the share of any general school district overhead attributable to the school foodservice operation,including foodservice activities and support services provided by other district departments that are recovered though anapproved cost allocation plan.Fund Transfer-OutThese funds are transferred from the school foodservice operation to other school district funds.Balance SheetThe Balance Sheet or the Statement of Financial Position is a financial statement prepared at the end of each accountingperiod to reflect the financial position of the school foodservice operation at a particular point in time. The Balance Sheetis normally considered a required financial statement in accordance with generally accepted accounting principles. However,this statement can also be a useful tool for school foodservice administrators. Critical information such as cash balance,outstanding payables, and fund balance available for expenditures is available on this statement. The Balance Sheet includesinformation about the program’s assets, liabilities, and fund equity.• Current assets include inventory values; accounts receivable; funds due from federal, state, and local governments; cashon deposit; petty cash; and cashiers change cash. Noncurrent assets include furniture and equipment less accumulateddepreciation.• Liabilities consist of obligations of the school foodservice operation at the date of the balance sheet that are expectedto be paid by the close of the accounting period. Included are accounts payable, accrued salaries and benefits, fundsdue to other sources, and deferred revenue.• The Fund Balance or Fund Equity consists of funds that are reserved or designated for purposes such as encumbrancesand inventory and unreserved funds. Unreserved funds represent the excess of funds over liabilities that are notrestricted for specific purposes.The Balance Sheet is generally considered less useful than the Statement of Revenue and Expenditures. It reflects anoperation’s financial position only at a particular moment and several of the items may be based on estimates. For example,it may not be possible to report the exact amount of revenue that is due to the school foodservice program in accountsreceivable, so an estimate is recorded.19N ATIONAL F OOD S ERVICE M ANAGEMENT I NSTITUTE
S ECTION 2BASIC F INANCIAL S TATEMENTSBalance Sheet SampleCurrent AssetsCash and Cash EquivalentsCash in BankPetty CashCashier’s Change CashSales Tax CollectionInvestmentsReceivablesAccounts ReceivableDue from Federal FundsDue from State FundsDue from Other FundsInventoriesPurchased Food and CommoditiesSupplies and MaterialsTotal Current AssetsNoncurrent AssetsFurniture and EquipmentLess accumulated depreciationTotal Noncurrent AssetsTotal AssetsCurrent LiabilitiesAccounts PayableAccrued SalariesAccrued Payroll DeductionsDue to Other FundsDeferred RevenueSales Tax OwedTotal Liabilities$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________$_____________Fund BalanceInvested in Capital Assets (minus depreciation) $_____________Reserved for Encumbrances$_____________Reserved for Inventory$_____________Undesignated/Unreserved Funds$_____________Total Fund Balance$_____________Total Liabilities and Fund Balance$_____________N ATIONAL F OOD S ERVICE M ANAGEMENT I NSTITUTE 20
Page 1 and 2: NATIONAL FOOD SERVICE MANAGEMENT IN
Page 3 and 4: This publication has been produced
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Page 7 and 8: N ATIONAL F OOD S ERVICEM ANAGEMENT
Page 9 and 10: I NTRODUCTIONFINANCIAL MANAGEMENT I
Page 11 and 12: S ECTION 1IDENTIFICATION AND CLASSI
Page 13 and 14: S ECTION 1IDENTIFICATION AND C LASS
Page 15 and 16: S ECTION 2BASIC FINANCIAL STATEMENT
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S ECTION 4FINANCIAL A NALYSIS AND P
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S ECTION 5BUDGETINGA budget is a fo
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S ECTION 5B UDGETING• Combination
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S ECTION 5B UDGETINGSample Budget R
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ReferencesCater, J., & Mann, N. (19
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