Utah Admin. Code R277-113-11 - LEA Recordkeeping for Flexible Use of Restricted Funds
(1) An LEA may reallocate funds for flexible
uses as described in Section 53F-2-209.
(2) An LEA that makes flexible adjustments as
described in Subsection (1) shall report accounting transactions and adjust
entries utilizing the Board approved chart of accounts, including:
(a) a dedicated program code;
(b) dedicated other financing codes for
program transfers of state restricted funds; and
(c) expenditure details, if
applicable.
(3) An LEA
that makes flexible adjustments under this section shall ensure that the LEA
continues to meet:
(a) federal maintenance of
effort requirements; and
(b) other
state or federal requirements on restricted funding, including requirements for
program-specific effort, matching, and equity.
(4) The Superintendent shall publish online a
list of eligible state restricted programs meeting requirements of Section
53F-2-209 no later than May 30 of each year.
Notes
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(1) An LEA may reallocate funds for flexible uses as described in Section 53F-2-209.
(2) An LEA that makes flexible adjustments as described in Subsection (1) shall:
(a) report accounting transactions and adjust entries utilizing the Board approved chart of accounts, including:
(i) a dedicated program code;
(ii) a dedicated other financing uses code for fund or program transfers from state restricted funds; and
(iii) expenditure details accurately describing transactions in response to changing circumstances and student needs; and
(b) refund to the state restricted program from which the original transfer originated any remaining funds transferred under Subsection (1) not completely or materially expended at the end of each fiscal year.
(3) An LEA that makes flexible adjustments under this section shall ensure that the LEA continues to meet:
(a) federal maintenance of effort requirements; and
(b) other state or federal requirements on restricted funding, including requirements for program-specific effort, matching, and equity.
(4) The Superintendent shall publish online a list of eligible state restricted programs meeting requirements of Section 53F-2-209 no later than May 30 of each year.