§ 14-119-101. Title

This chapter shall be known and cited as “The Water Improvement District Accounting Law of 1973.”

§ 14-119-102. Bank accounts

(a) All water improvement districts of this state shall establish and maintain commercial bank accounts for the deposit of all funds received. (b) The accounts shall be established and maintained in the name of the water improvement district.

§ 14-119-103. Deposit of funds

All funds received by a water improvement district of this state shall be deposited in total in such bank accounts as prescribed by § 14-119-102.

§ 14-119-104. Prenumbered receipts

(a) All items of income are to be formally receipted by the use of prenumbered receipts or mechanical receipting devices such as cash registers or validating equipment. However, the use of prenumbered receipts shall not be required for receipting revenues derived from the sale of water to individual consumers where the income is determined by […]

§ 14-119-105. Prenumbered checks

(a) All disbursements of water improvement district funds, except as noted in § 14-119-106, are to be made by prenumbered checks drawn upon the bank account of that district. Such checks shall be of the form normally provided by commercial banking institutions and shall contain as a minimum the following information: (1) Date of issue; […]

§ 14-119-106. Petty cash funds

(a) Water improvement district officers are permitted to establish petty cash funds so long as the funds are maintained on the basis set forth in this section. (b) The establishment of a petty cash fund must be approved by the board of directors. (c) In establishing such a fund, a check is to be drawn […]

§ 14-119-107. Reconciliation of bank accounts

(a) All water improvement districts maintaining bank accounts, as prescribed in § 14-119-102, shall reconcile their cash receipts and cash disbursements journal to the amount on deposit in banks on a monthly basis. The reconciliations shall take the following form: (b) This reconciled balance shall agree to either the cash balance as shown on the […]

§ 14-119-108. Fixed asset records

(a) All water improvement districts shall establish and maintain, as a minimum, listing of all fixed assets and equipment owned by or under the control of their district. The listing shall contain as a minimum: (1) Property item number, if used by the district; (2) Brief description; (3) Serial number, if available; (4) Location of […]

§ 14-119-109. Cash receipts journal

(a) All water improvement districts of this state shall establish and maintain as a minimum a cash receipts journal for recording of all moneys received by the district. (b) The journal shall consist of columnar paper and have sufficient columns to provide for the recording of: (1) Date; (2) Person moneys received from; (3) Prenumbered […]

§ 14-119-110. Cash disbursements journal

(a) All water improvement districts of this state shall establish and maintain as a minimum a cash disbursements journal for recording and classifying cash disbursements. (b) The journal shall consist of columnar paper and shall have sufficient columns to provide for the recording of: (1) Date; (2) Payee; (3) Check number; (4) Amount check was […]

§ 14-119-111. Accounting systems above minimum

In the event any water improvement district feels its system of bookkeeping is such that it equals or exceeds the basic system prescribed by this chapter, the district may request a review by the Legislative Joint Auditing Committee. Upon its concurrence with these facts, the Legislative Joint Auditing Committee may issue a certificate to the […]

§ 14-119-112. Classification, maintenance, and destruction of records

(a) Accounting records can basically be divided into the two (2) groups: Support documents and permanent records. (b) (1) Support documents consist primarily of the following items: (A) Cancelled checks; (B) Invoices; (C) Bank statements. (2) Support documents shall be maintained for a period of at least three (3) years and in no event shall […]