TCS 7.03(1)(1) Pursuant to s. 227.21, Stats., the attorney general and revisor of statutes have consented to the incorporation by reference of the Codification of Governmental Accounting and Financial Reporting Standards, Governmental Accounting Standards Board, 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116.

TCS 7.03 NoteNote: The standards under sub. (1) may be obtained by contacting the Governmental Accounting Standards Board, 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116.

TCS 7.03(3)(3) Interim amendments of the standards will have no effect in the state until such time as this section is correspondingly revised to reflect those changes.

TCS 7.03(5)(5) Copies of the standards in reference are on file in the office of the board, the secretary of state and the legislative reference bureau.

TCS 7.03 HistoryHistory: Cr. Register, September, 1983, No. 333, eff. 10-1-83; am. (1), r. (4), Register, April, 1999, No. 520, eff. 5-1-99; correction in (5) under s. 13.92 (4) (b) 6., Stats., Register March 2013 No. 687.

TCS 7.04(1)(1) Each district board shall organize and operate its accounting system on a fund basis. The district accounting structure shall use 3 categories of funds, further divided into fund types, as follows:

TCS 7.04(1)(a)1.1. The general fund type used to account for all financial activities of the district, except those required to be accounted for in another fund type.

TCS 7.04(1)(a)2.2. The special revenue fund type used to account for the proceeds and related financial activity of specific revenue sources that are legally restricted to a specific purpose, except major capital projects and expendable trusts.

TCS 7.04(1)(a)3.3. The capital projects fund type used to account for financial resources and related financial activity for capital expenditure projects under s. TCS 7.06 (1), and equipment as required under s. TCS 7.06 (5).

TCS 7.04(1)(a)4.4. The debt service fund type used to account for the accumulation of resources for, and the payment of general long term debt and long term lease/purchase debt principal and interest.

TCS 7.04(1)(b)1.1. The enterprise fund type used to account for district operations where the cost of providing goods or services to students, district staff, faculty or the general public on a continuing basis is financed or recovered primarily through user charges or where the district board has decided that periodic determination of revenues earned, expenses incurred, or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes.

TCS 7.04(1)(b)2.2. The internal service fund type used to account for the financing and related financial activities of goods and services provided by one department of the district to other departments of the district, or to other governmental units on a cost reimbursement basis.

TCS 7.04(1)(c)1.1. The expendable trust fund type used to record resources and related financial activities where both the principal and earnings may be expended, and where the district board acts as trustee.

TCS 7.04(1)(c)2.2. The nonexpendable trust fund type used to record resources and related financial activity where the principal may not be expended, and where the district board acts as trustee.

TCS 7.04(1)(c)3.3. The agency fund type used to record resources and related financial activity where the district board acts as an agent.

TCS 7.04(2)(2) Each district board shall account for and control its general fixed assets and outstanding general long term debt through the use of account groups, as follows:

TCS 7.04(2)(a)(a) The general fixed assets account group used to record a district’s general fixed assets.

TCS 7.04(2)(b)(b) The general long term debt account group used to record a district’s general long term debt composed of unmatured principal not requiring an appropriation or expenditure during the current fiscal year.

TCS 7.04(3)(3) Each district board shall, for budget and accounting purposes, classify the major activities of each fund type by function, as follows:

TCS 7.04(3)(a)(a) The instruction function used to record costs related to teaching, academic administration including clerical support, and other activities directly related to the teaching of students, assisting students in educational programs, and coordinating and improving the quality of teaching.

TCS 7.04(3)(b)(b) The instructional resources function used to record costs related to all learning resource activities, including the learning resources center, library, audio-visual aids center, instructional media center, copy center, and instructional resources administration and clerical support.

TCS 7.04(3)(c)(c) The student services function used to record costs related to those noninstructional services provided to students, including student recruitment, admissions, registration, counseling including testing and evaluation, health services, financial aids, placement, follow-up, and student services administration and clerical support.

TCS 7.04(3)(d)(d) The research function used to record costs related to the accumulation and evaluation of statistics, including demographic studies, employer studies of program feasibility, studies related to grants and contracts, and research, planning and development administration and clerical support.