N.J. Admin. Code § 6A:23A-16.1

Current through Register Vol. 57, No. 1, January 6, 2025

Section 6A:23A-16.1 - Prescribed system of double-entry bookkeeping and GAAP accounting

(a) Each district board of education and charter school and renaissance school project board of trustees shall maintain a uniform system of financial bookkeeping and reporting.

(b) Each district board of education and charter school and renaissance school project board of trustees shall ensure that the uniform system is fully consistent with GAAP, as set forth in the Governmental Accounting and Financial Reporting Standards Original Pronouncements, published annually by the Governmental Accounting Standards Board (GASB; 401 Merritt 7, PO Box 5116, Norwalk CT), incorporated herein by reference, as amended and supplemented, and is compatible with the financial accounting terminology and classifications established in the Federal accounting manual, Financial Accounting for Local and State School Systems, 2014 Edition, by NCES; K Street NW, Washington, DC 20006, incorporated herein by reference, as amended and supplemented, as prepared, published, and distributed by the Commissioner in accordance with N.J.S.A. 18A:4-14, and the 2024-2025 Uniform Minimum Chart of Accounts for New Jersey Public Schools and Approved Private Schools for Students with Disabilities, which is incorporated herein by reference, as amended and supplemented, and available at https://www.nj.gov/education/finance/fp/af/coa/.

Amended by 49 N.J.R. 1079(a), effective 5/1/2017

Amended by 56 N.J.R. 2166(a), effective 11/4/2024