Utah Admin. Code R277-113-2 - Definitions
(1) "Accrual basis of accounting " means a
basis of accounting that records:
(a) revenue
when earned and expenses when incurred; and
(b) transactions irrespective of the dates on
which any associated cash flows occur.
(2) "Administration " means:
(a) an LEA superintendent or
director;
(b) a deputy or associate
superintendent or director;
(c) a
business administrator or manager; or
(d) another LEA educational administrator,
designated staff, or a designated educational service provider.
(3) "Arm's length transaction "
means a transaction between two unrelated, independent, and unaffiliated
parties or a transaction between two parties acting in their own self interest
that is conducted as if the parties were strangers so that no conflict of
interest exists.
(4) "Exclusive
contract or arrangement " means an agreement requiring a buyer to purchase or
exchange all needed goods or services from one seller.
(5) "GAAP " means Generally Accepted
Accounting Principles or a common framework of accounting rules and standards
for financial reporting promulgated by GASB.
(6) "GAAS " means Generally Accepted Auditing
Standards or a set of auditing standards and guidelines promulgated by the
Auditing Standards Board of the American Institute of Certified Public
Accountants.
(7) "GAGAS " means
Generally Accepted Government Auditing Standards or a set of auditing standards
and guidelines promulgated by the Government Accountability Office.
(8) "GASB " means the Governmental Accounting
Standards Board whose purpose is to establish GAAP for state and local
governments within the United States.
(9) "Internal controls " means a process,
implemented by an entity's governing body, administration , or other personnel,
designed to:
(a) provide reasonable assurance
regarding the achievement of objectives in the following categories:
(i) effectiveness and efficiency of
operations;
(ii) reliability of
reporting for internal and external use; and
(iii) compliance with applicable laws and
regulations;
(b) provide
reasonable assurance regarding the achievement of the following objectives over
state and federal awards:
(i) proper recording
and accounting for transactions, in order to:
(A) permit the preparation of reliable
financial statements and state and federal reports;
(B) maintain accountability over assets;
and
(C) demonstrate compliance with
state and federal statutes, regulations, and the terms and conditions of state
and federal awards; and
(ii) execution of transactions in compliance
with:
(A) all state and federal statutes and
regulations; and
(B) the terms and
conditions of state or federal awards; and
(c) safeguard funds, property, and other
against loss from unauthorized use or disposition.
(10) "Modified accrual
basis of accounting " means a basis of accounting, commonly used by government
agencies, that recognizes revenues when they become available and measurable
and recognizes expenditures when liabilities are incurred.
(11) "Non-operating LEA " means an LEA that
has not received minimum school program funds or federal funds and is not
providing educational services during a fiscal year, such as an LEA in a
start-up period.
(12) "N-size "
means the minimum size necessary to disclose or display data to ensure maximum
student group visibility while protecting student privacy.
(13) "Operating LEA " means an LEA that has
received state minimum school program funds or federal funds and is providing
educational services during a fiscal year.
(14)
(a)
"Provided, sponsored, or supported by a school" has the same meaning as defined
in Section R277-407-2.
(b)
"Provided, sponsored, or supported by a school" does not apply to
non-curricular clubs specifically authorized and meeting all criteria of
Sections 53G-7-704 through 53G-7-707.
(15) "Public funds " has the same meaning as
that terms is defined in Subsection 51-7-3(26).
(16) "Title IX " refers to that portion of the
United States Education Amendments of 1972 codified as 20 U.S.C. 1681 through 20 U.S.C. 1688.
(17) "Utah Public
Officers' and Employees' Ethics Act," means Title 67, Chapter 16, which
provides standards of conduct for officers and employees of the state of Utah
and its political subdivisions in areas where there are actual or potential
conflicts of interest between public duties and private interests.
Notes
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