{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-5-158","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-5-158","heading":"Funds or ledgers","body":"A school district shall establish funds consistent with legal\n\nand operating requirements. Each school district shall maintain\n\naccording to its own needs some or all of the following funds or\n\nledgers in its system of accounts:\n\n1. A general fund, to account for all monies received and\n\ndisbursed for general school district purposes, including all\n\nassets, liabilities, reserves, fund balances, revenues and\n\nexpenditures which are not accounted for in any other fund or\n\nspecial ledger account;\n\n2. Special revenue funds, as required, to account for the\n\nproceeds of specific revenue sources that are restricted by law to\n\nexpenditures for specified purposes;\n\n3. Debt service fund, which shall include the school district\n\nsinking fund, established to account for the retirement of general\n\nobligation bonds, building bonds, transportation bonds or other long\n\nterm debt and payment of interest thereon and judgments as provided\n\nby law. Any monies pledged to service general obligation bonds,\n\nbuilding bonds, transportation bonds or other long term debt must be\n\ndeposited in the debt service fund;\n\n4. Capital improvement fund, to account for financial resources\n\nsegregated for acquisition, construction or other improvement\n\nrelated to capital facilities other than those financed by general\n\nlong term debt;\n\n5. Enterprise funds, to account for operations that are\n\nfinancial and operated in a manner similar to private business\n\nenterprises where the intent of the governing body is that the costs\n\n(expenses, including depreciation), of providing goods or services\n\non a continuing basis be financed or recovered primarily through\n\nuser charges or where there is a periodic need to determine revenues\n\nearned, expenses incurred or net income for a service or program;\n\n6. Trust and agency funds, to account for assets held by the\n\nschool district as trustee or agent for individuals, private\n\norganizations or other governmental units or purposes, such as a\n\nretirement fund, employee health insurance fund or a school activity\n\nfund;\n\n7. Internal service funds, to account for the financing of\n\ngoods or services provided by one department or agency of the school\n\ndistrict to another department or agency, or to another government,\n\non a cost reimbursement basis;\n\n8. A ledger or group of accounts in which to record the details\n\nrelating to the general fixed assets of the school district;\n\n9. A ledger or group of accounts in which to record the details\n\nrelating to the general obligation bonds, building bonds,\n\ntransportation bonds or other long term debt of the school district;\n\nor\n\n10. Such other funds or ledgers as may be established by the\n\nboard of education.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"896bdff9133cb300f64fdd88f6387cd3b2590085639fdceb1c09d2598c0602e0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-5-157","next":"us-ok/okla.-stat.-tit.-70-70-5-159"},"notice":"GroundRules: Original legal text. Not legal advice."}