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Meeting Date:
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6/15/2021 - 7:00 PM
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Category:
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CONSENT ITEMS REMOVED FOR SEPARATE DISCUSSION/VOTE
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Type:
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Action
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Subject:
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13.2 Resolution No. 201-20/21, Authorization to Establish An Associated Student Body (ASB) Special Revenue Fund
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Attachment Summary
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File Attachment:
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Quick Summary / Abstract:
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Background:
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The Governmental Accounting Standards Board (GASB) has implemented a new standard, GASB 84. Beginning this fiscal year, GASB 84 will affect the way that governments report fiduciary activities in their financial statements. Under this new standard, Associated Study Body (ASB) funds will no longer be considered and reported as fiduciary activities in our District's annual audit report.
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Status
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The California Department of Education (CDE) requires that the Governing Board adopt a resolution certifying approval for our District to establish an Associate Student Body (ASB) Special Revenue Fund. ASB activities are considered governmental activities and should be reported in a governmental fund. The CDE added a new Special Revenue Fund (FUND 08) to its Standardized Account Code Structure (SACS) to account for non-fiduciary ASB activities.
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Fiscal Impact
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There is no impact to the General Fund.
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Superintendent's Recommendation:
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Our Superintendent recommends adoption of Resolution No. 201-20/21 Authorization to Establish An Associate Student Body (ASB) Special Revenue Fund.
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Approvals:
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Recommended By:
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Signed By:
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Jodi Robison - Executive Assistant
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Signed By:
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Susan Kinder - Assistant Superintendent
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Signed By:
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Kelly Bowers, Ed.D. - Superintendent
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Vote Results:
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| Original Motion | | Member Anne White Moved, Member Emily Prusso seconded to approve the Original motion 'Our Superintendent recommends adoption of Resolution No. 201-20/21 Authorization to Establish An Associate Student Body (ASB) Special Revenue Fund.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Craig Bueno | Yes | | Anne White | Yes | | Emily Prusso | Yes | | Kristie Wang | Yes | | Yanira Guzman | Yes | |
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