R277-113-1. Authority and Purpose

  (1) This rule is authorized by:

  (a) Utah Constitution Article X, Section 3, which vests general control and supervision over public education in the Board;

  (b) Subsection 53E-3-401(4), which allows the Board to make rules to execute the Board's duties and responsibilities under the Utah Constitution and state law;

  (c) Subsection 53E-3-501(1)(e)(i), which directs the Board to establish rules and minimum standards for school productivity and cost effectiveness measures;

  (d) Subsection 53E-3-501(1)(e)(iv), which allows the Board to adopt rules regarding financial, statistical, and student accounting requirements;

  (e) Section 53E-3-602, which allows the Board to approve auditing standards for school boards; and

  (f) Section 53E-3-603, which requires the Board to verify accounting procedures of school board for the purpose of determining the allocation of Uniform School Funds.

  (2) The purpose of this rule is to:

  (a) require LEAs to formally adopt and implement policies regarding the management and use of public funds;

  (b) provide minimum standards, procedures and definitions for LEA policies;

  (c) direct that LEAs make policies, procedures and training materials available to the public and readily accessible on LEA or public school websites, to the extent of resources available;

  (d) require LEAs to train employees in:

  (i) appropriate financial practices;

  (ii) necessary accounting procedures; and

  (iii) ethical financial practices; and

  (e) specify uniform budgeting, accounting, and auditing procedures for LEAs consistent with GAAP and GAAS.