Finance

• Per-diem Travel Expense 
• Travel Receipt Details 
• 2024 Mileage Reimbursement
• Out-of-State Travel Request 
• Purchase Card Procedures for District Travel
• Request P-Card Use 
• Record of Donation of Property
• General Billing Requisition

• Activity Fund Transfer Request 
• Activity Fund Manual
• Application For Fund Raising Activity
• Crowdfunding Approval Requirements
• Crowdfunding Approval Form With Instructions
• Personal Reimbursement Justification
• USDA Smart Snacks Form 
• Reconciliation Worksheet for Fundraiser

• Budget Calendar
• Budget Packet Instructions
• Request for Additional Spending
• Next Year Budget Entry instructions

• Transfer Surplus Form   
• Fixed Asset Extension Form
• Fixed Asset Coding Procedures
• Warranty Replacement Directions  
• Physical Inventory Form
• Physical Inventory Form - Cafeteria
• Administrator's Physical Inventory Form

Notes regarding Inventory Forms

Each year the Board of Education requires the building principal or director to complete a physical inventory of their site or department and submit the results to the Chief Financial Officer or their designee. (Board Policy #3150)

Above, you will find the forms needed to complete your inventory. The Physical Inventory Sheet(s) covers Fixed Assets and General Property for each fiscal year. The Physical Inventory Sheet “Inventory Example” is an example on completing the inventory sheet. The Administrative Personnel Off-Site Inventory form is to be completed by Administrative/Key Personnel who have items checked out on a permanent basis. Specific instructions for each form are listed below.

Each physical inventory sheet must be signed by the individual/person taking inventory and their principal/supervisor/director and turned into accounting at a determined date near the end of each school year.

The Administrative Personnel Off-Site Inventory

• Please list ALL items checked out on a permanent basis (i.e., laptops, ipacs, axims etc). Be sure to include all items not on school premises.

Fixed Asset Property - (Has Serial No.)

• Please list all fixed assets on the left side of the inventory sheet under “Fixed Asset Property”. This includes ALL tagged items. Please make sure to list all tag numbers, make, model, description and serial number. If you have a serialized item without an asset tag, please list it as Fixed Asset Property.

General Property - (No Serial No.)

• Please list all general property on the right side of the inventory sheet. You may group like items; (i.e., student desks, student chairs, office/teacher desks, office/teacher chairs, file cabinets, bookcases, storage cabinets, work tables, work stations, stackable chairs, cafeteria tables, etc.) and only give a quantity count by room.

For Fiscal Year 2022-23, the general fund - the district’s main operating fund - reported revenues of $143,651,379 and expenditures of $143,483,140.

Foundation (Formula) State Aid, the district’s single largest source of operating revenue, was $48,735,692.
 
Union received $33,746,850 in ad valorem revenues for 2022-2023 and placed in the General Fund based on the district’s net assessed valuation of $956,632,688.

Total bonded indebtedness as of June 30, 2023, was $105,889,250 (principal and interest).

Union maintains an excellent bond rating of AA+ from Standard & Poors. See Our Finances for more information.

 

Caption: The graph shows two pie charts for revenues and expenditures. The revenues graph shows 34 percent for state aid at S48.7 million, additional state funds at 17 percent or $23.9 million, federal funds at 15 percent or $21 million, taxes for 23 percent or #33.7 million, local funds for $10.8 million and intermediate funds for 4 percent or $5.3 million. The expenditures graph show instruction at 52 percent or $74.6 million, followed by (in order as presented on the graph) student transportation, 4 percent or $6.1 million; non-instructional services at 4 percent or $5.7 million, operations and maintenance at 11 percent or $15.1 million, business at 6 percent or $8.8 million, school administration at 7 percent or #10.5 million; general administration at 2 percent or $3.2 million, instructional support at 5 percent or $7.2 million and student support at 9 percent or $12 million.

Management of the district is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the district are protected from loss, theft or misuse and to ensure that adequate accounting data is compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: 1) the cost of a control should not exceed the benefits likely to be derived; and 2) the valuation of costs and benefits requires estimates and judgments by management.

The Board of Education of Union Public Schools, in conjunction with the Superintendent and Chief Financial Officer, establishes a system of sound financial planning and management to assure that the district’s objectives are addressed and that funds are expended in accordance with plans expressed through the Board budget.

The financial management system components include:

1) a planning process that consists of a review of state statutes, Board policies, concepts, ideas, problems, constraints, approaches and systems before dollar amounts are established in the budget; and

2) a budget that is the expression of the plans of the Board through three main budgets – the General Fund, a Special Building Revenue Fund, and the Child Nutrition Fund.

See Long-Range Committee

The district utilizes budgetary controls to ensure compliance with legal appropriation limitations and to provide an operating plan for the district’s resources. The annual appropriated budget includes activity of the General, Special Revenue Funds, and Child Nutrition Funds. Capital projects activity is controlled with approval of project-length financial plans. Initial budgets are adopted at the beginning of the fiscal year with periodic amendments approved by the Board as necessary.

The level of budgetary control is maintained by fund, project, and function of the OCAS (Oklahoma Cost Accounting System.) Individual line items may be adjusted without Board action, but total budgeted expenditures may not exceed appropriations at the major fund level without Board approval. The district utilizes an encumbrance system as a technique of budgetary control with encumbered appropriations lapsing at year end.

Oklahoma state statutes require an annual audit by independent certified public accountants. The accounting firm of RSM US LLP, was selected by the Board to conduct the audit. In addition to meeting the requirements set forth in state statutes, the audit was also designed to meet the requirements of the Federal Single Audit Act of 1984 and related Uniform Grant Guidance (UGG). The auditor’s report on the basic financial statements is included in the financial section of the Annual Comprehensive Financial Report.