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Seaman USD 345 waives GAAP requirement for 2025–26 financial statements and authorizes year-end transfer authority
Summary
The board adopted a resolution waiving generally accepted accounting principles for the 2025–26 fiscal year and authorized the superintendent or designee to make end-of-year transfers for FY 2024–25 as needed.
The Seaman USD 345 Board of Education adopted its annual resolution waiving the requirement to prepare financial statements under generally accepted accounting principles (GAAP) and instead authorized preparing financial statements on a cash-basis adjusted to show compliance with state cash-basis and budget laws for the year ending June 30, 2026.
In the meeting the resolution was read aloud in full, noting there were no revenue bond ordinances requiring GAAP-prepared statements for the district. The board then voted to waive the GAAP requirement and to prepare reports under the state-prescribed cash basis.
Separately, the board granted authority to the superintendent (and his designee, the business director) to execute necessary end-of-year transfers for the 2024–25 fiscal year; final transfer amounts will be reported to the board at the August meeting. During discussion board members asked that in future years the authority be conferred earlier in the cycle (June) as more appropriate timing; administration agreed to note that for process improvement.
Why it matters: The waiver aligns district accounting and reporting with state procedures and permits administrative flexibility to close the fiscal year. Authorization for transfers is a routine part of year-end accounting but is legally significant for financial controls and audit preparation.
What happens next: The business office will complete year-end closeout transfers, publish the transfers in August board materials and prepare the cash-basis financial statements for FY 2025–26.
