WIC moves scholarship funds
IRON RIVER — With the implementation of the Governmental Accounting Standards Board (GASB) Statement No. 84 Fiduciary Activities (GASB 84) last summer, school districts have been working through the issues involved in that transition process.
According to the law firm Miller Canfield, one of those issues involves the various student- and student-related activity funds held in a bank maintained by the school district. Examples of these activities include PTA/PTOs, boosters, class gifts, clubs and other student- and school-related activities. GASB 84 is also applicable to scholarship funds.
The objective of GASB 84 is to improve the guidance regarding the identification and reporting by state and local governments of their fiduciary activities. Under GASB 84, once a fiduciary activity is identified, it is required to be reported in one of four described fiduciary funds, only two of which (the private purpose trust fund and the custodial fund) are applicable to school districts. These fiduciary funds will be subject to the new accounting and reporting requirements under GASB 84.
At a special meeting of the West Iron County School Board on June 12, the district voted to move its scholarship investment funds to the Foundation for Educational Opportunities at West Iron County Schools.