La. Admin. Code tit. 28 § XLI-1101

Current through Register Vol. 50, No. 9, September 20, 2024

Section XLI-1101 - Assets and Other Debit Codes

A. Assets and other debits include what is owned and what is not owned (as of the date of the balance sheet) but is expected to become owned fully at some future date. Also included are other budgeting and offsetting accounts which normally have debit balances.

B. Current Assets-cash or anything that can be readily converted into cash.

1. 101 Cash in Bank-all funds on deposit with a bank or savings and loan institution in interest bearing and non-interest-bearing checking accounts.

2. 102 Cash on Hand-currency, coins, checks, postal and express money orders, and bankers' drafts on hand.

3. 103 Petty Cash-a sum of money set aside for the purpose of paying small obligations for which the issuance of a formal voucher and check would be too expensive and time-consuming.

4. 104 Change Cash-a sum of money set aside to provide change.

5. 105 Cash with Fiscal Agents-deposits with fiscal agents, such as commercial banks, for paying matured bonds and interest.

6. 111 Investments-securities and real estate held for producing income in the form of interest, dividends, rentals or lease payments. The account does not include capital assets used in LEA operations. Separate accounts for each category of investments may be maintained

7. 112 Unamortized Premiums on Investments-The excess of the amount paid for securities over the face value which has not yet been amortized. Use of this account is restricted to long-term investments.

8. 113 Unamortized Discounts on Investments (credit)-The excess of the face value of securities over the amount paid for them which has not yet been written off. Use of this account is normally restricted to long-term investments.

9. 114 Interest Receivable on Investments-The amount of interest receivable on investments, excluding interest purchased. Interest purchased should be shown in a separate account.

10. 115 Accrued Interest on Investments Purchased- Interest accrued on investments between the last interest payment date and date of purchase. The account is carried as an asset until the first interest payment date after the date of purchase. Upon receipt and deposit of the cash, an entry is made debiting the account "Cash in Bank", and crediting the "Accrued Interest on Investments Purchased" account for the amount of interest purchased and an interest earning revenue account (1510) for the balance.

11. 121 Taxes Receivable-The uncollected portion of taxes that a LEA or governmental unit has levied and that has become due, including any interest or penalties that may have accrued. Separate accounts may be maintained on the basis of tax roll, current and delinquent taxes, or both.

12. 122 Allowance for Uncollectable Taxes (Credit)-that portion of taxes receivable it is estimated will not be collected. The account is shown on the balance sheet as a deduction from the taxes receivable account in order to arrive at the net taxes receivable. Separate accounts may be maintained on the basis of tax roll year, delinquent taxes, or both.

13. 131 Interfund Loans Receivable-An asset account used to record a loan by one fund to another fund in the same governmental unit. It is recommended that separate accounts be maintained for each Interfund receivable loan.

14. 132 Interfund Accounts Receivable-An asset account used to indicate amounts owed to a particular fund by another fund in the same LEA for goods sold or services rendered. It is recommended that separate accounts be maintained for each Interfund receivable.

15. 141 Intergovernmental Accounts Receivable- Amounts due to the reporting governmental unit from another governmental unit. These amounts may represent grants-in-aid, shared taxes, taxes collected for the reporting by the reporting unit, loans, and charges for services rendered by the reporting unit for another government. It is recommended that separate accounts be maintained for each interagency receivable.

16. 151 Loans Receivable-Amounts that have been loaned to persons or organizations, including notes taken as security for such loans, where permitted by statutory authority.

17. 152 Allowance for Uncollectible Loans (Credit)-the portion of loans receivable that it is estimated will not be collected. The account is shown on the balance sheet as a deduction from the other loans receivable account.

18. 153 Other Accounts Receivable-Amounts owed on open account from private persons, firms, or corporations for goods and services furnished by an LEA (but not including amounts due from other funds or from other governmental units).

19. 154 Allowance for Uncollectible Accounts Receivable (Credit)-a provision for that portion of accounts receivable that it is estimated will not be collected. The account is shown on the balance sheet as a deduction from the other accounts receivable account.

20. 161 Bond Proceeds Receivable-An account used to designate the amount receivable upon the sale of bonds.

21. 171 Inventories for Consumption-The cost of supplies and equipment on hand not yet distributed to requisitioning units.

22. 172 Inventories for Resale-The value of goods held by an LEA for resale rather than for use in its own operations.

23. 181 Prepaid Expenses-expenses paid for benefits not yet received. Prepaid expenses differ from deferred charges in that they are spread over a shorter period of time than deferred charges and are regularly recurring costs of operation. Examples of prepaid expenses are prepaid rent, prepaid interest, and unexpired insurance premiums.

24. 191 Deposits-Funds deposited by the LEA as prerequisite to receiving services, goods, or both.

25. 192 Deferred Expenditures/Expenses-certain disbursements that are made in one period but are more accurately reflected as an expenditure/expense in the next fiscal period.

26. 194 Premium and Discount on Issuance of Bonds-represents amounts to be amortized as debt premium/discount in connection with the issuance of bonds.

27. 199 Other Current Assets-current assets not provided for elsewhere.

28. 211 Land and Land Improvements-a capital asset account that reflects the acquisition value of land owned by an LEA. If land is purchased, this account includes the purchase price and costs, such as legal fees, filling and excavation costs, and other associated improvement costs incurred to put the land in condition for its intended use. If land is acquired by gift, the account reflects its appraised value at the time of acquisition.

29. 221 Site Improvements-a capital asset account that reflects the acquisition value of permanent improvements, other than buildings, which add value to land. Examples of such improvements are fences, retaining walls, sidewalks, pavements, gutters, tunnels and bridges. If the improvements are purchased or constructed, this account contains the purchase or contract price. If improvements are obtained by gift, it reflects the appraised value at the time of acquisition.

a. Site improvements are improvements that have a limited useful life. Because these improvements decrease in their value/usefulness over time, it is appropriate to depreciate these assets. Therefore, all capitalized site improvements should be depreciated over their expected useful life.

30. 222 Accumulated Depreciation on Site Improvements-accumulated amounts for depreciation of land improvements.

31. 231 Building and Building Improvements-a capital asset account that reflects the acquisition value of permanent structures used to house persons and property owned by the LEA. If buildings are purchased or constructed, this account includes not only the purchase or contract price of all permanent buildings, but also the fixtures attached to and forming a permanent part of such buildings. This account includes all building improvements. If buildings are acquired by gift, the account reflects their appraised value at the time of acquisition.

32. 232 Accumulated Depreciation on Buildings and Building Improvements-accumulated amounts for depreciation of buildings and building improvements.

33. 241 Machinery and Equipment-tangible property of a more or less permanent nature, other than land, buildings, or improvements thereto, which is useful in carrying on operations. Examples are machinery, tools, trucks, cars, buses, furniture and furnishings. Definition-Supplies vs. Equipment provides criteria to distinguish whether a purchase is a supply or a piece of machinery or equipment.

34. 242 Accumulated Depreciation on Machinery and Equipment-accumulated amounts for depreciation of machinery and equipment.

35. 251 Works of Art and Historical Treasures-individual items or collections of items that are of artistic or cultural importance.

36. 252 Accumulated Depreciation on Works of Art and Historical Collections-accumulated amounts for the depreciation (as applicable) of works of art and historical treasures.

37. 261 Infrastructure-a capital asset, network, or subsystem that has a useful life that is significantly longer that those of other capital assets. These assets may include water/sewer systems, roads, bridges, tunnels, and other similar assets.

38. 262 Accumulated Depreciation on Infrastructure-accumulated amounts for the depreciation of infrastructure assets.

39. 271 Construction in Progress-the cost of construction work undertaken, but not yet completed.

40. 303 Amount Available in Debt Service Funds-an account in the general long-term debt account group. It designates the amount of fund balance available in the debt service fund for the retirement of long-term debt.

41. 304 Amount to be Provided for Retirement of General Long-Term Debt-an account in the general long-term debt account group. It designates the amount to be provided from taxes or other revenue to retire long-term debt.

La. Admin. Code tit. 28, § XLI-1101

Promulgated by the Board of Elementary and Secondary Education, LR 26:481 (March 2000), amended LR 36:1531 (July 2010), LR 37:1385 (May 2011).

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:6 (A) (10).