Laserfiche WebLink
(l) PAYROLL ACCOUNT <br />During the year ended September 30, 1974, the payroll account was operated <br />as a separate checking fund. The gross payroll was deposited for each <br />bi-weekly payroll. Also, during that year, no general ledger system existed. <br />Starting with the 1974-75 year a general ledger system was initiated. We now <br />deposit only the net payroll and properly accrue the deducted liabilities. <br />We neglected to report a balance sheet for this special account at September <br />30, 1974. <br />(2) DEFERRED C;cEDITS <br />Your recommendation for reporting advances on grants as such, and not as <br />deferred credits,. will be followed in the future. <br />(3) ENCUMBERANCES <br />We agree that the encumbered amounts for the 1973-74 year should have been <br />reported as expended during the following year. <br />(4) INVESTMENT REGISTER <br />Your recommendation to have written procedures for cash investment will be <br />followed. We have not had investments since the 1973-74 year, but we do <br />maintain cash time deposits. While we do feel that proper trails and records <br />of cash time deposits are readily available, we are now in a position to <br />initiate an investment register of all time deposits, and any investments <br />that we may make. <br />(5) TRUST & AGENCY FUNDS <br />.All receipts and all disbursements are properly recorded in the trust funds. <br />Both of these items were correctly recorded for the 1975-76 year. <br />(6) PURCHASING PROCEDURES <br />The Board has instructed the Finance Office to initiate a purchase order system <br />and issue Board approved instructions for purchasing. This will be done in the <br />first quarter of 1977. <br />The Board does not feel that creation of a Purchasing Department would be <br />economical at this time. <br />NOV 171916 <br />of 27 sa^=9 <br />