Here is a brief explanation of what each school fund is used for.
General Fund- Finances all services required by the school district. The expenditures are limited by state law and the tax levy for this fund is also limited.
Depreciation Fund- Monies from the General Fund may be set aside into the Depreciation Fund for future large expenses. The purpose is to spread out replacement costs over a period of years. Bancroft-Rosalie School has used Depreciation Fund monies for vehicle replacement. These monies can also be used for things like roof replacement or heating and air upgrades.
Employee Benefit Fund- As the name implies, this fund is used for the benefit of school employees. Bancroft-Rosalie School uses this fund for the school flexible benefit program. Employees can have money taken out of their check prior to paying taxes and used for three purposes- medical expenses, dependent child care expenses and paying health insurance premiums.
Activities Fund- This fund is used for financing the operations of student athletics, activities and student organizations.
School Lunch Fund- This fund handles the financial activities of all of the Nutrition programs operated by the school.
Bond Fund- This fund is used for levying taxes to pay off bonds issued by the district. If there is not sufficient money in the bond fund, the General Fund can be used to make Bond payments. Bancroft-Rosalie uses this fund to pay off the Bonds issued for the construction of the new school in 1997. The School has refinanced the Bonds twice since the bonds were issued in 1996. All refinancing is done through the Bond Fund and the $1,780,540 shown on the 2011-12 annual report as an expenditure is to pay off the old bonds when the new bonds (at lower interest) were issued in 2010-11.
Special Building Fund- This fund is used for acquiring or improving school property and erecting, altering or improving buildings. The Special Building Fund gets its revenue from a tax levy, the sale of bonds, or the sale of property. The tax levy for this fund is limited.
Qualified Capital Purpose Undertaking Fund- This fund is used for the removal of environmental hazards, accessible barriers in school buildings, repayment of qualified zone academy bonds, and modifications for life safety code violations (fire marshal). Revenue is generated from a tax levy that is limited. Bancroft-Rosalie School uses this fund to repay the Qualified Zone Academy Bonds (at 1% interest for 20 years) that financed the new 2012 classroom addition.
Cooperative Fund- This fund is used by the school district acting as a fiscal agent or cooperative activities between public agencies. Bancroft-Rosalie School uses this for cooperative sports programs and the dual credit program with Northeast Community College.
Student Fee Fund- This fund is for programs in which money is collected from students for extracurricular programs and summer school. Bancroft-Rosalie School uses this for Driver Education and computer expenses for the one-to-one computer program.
