School District Reporting and Accounting Procedures for EXCEL

Recording of EXCEL Aid Revenues Received:

For capital projects where EXCEL Aid has been received, the district should record the EXCEL Aid revenues in the Capital Fund on Schedule G2 of the Annual Financial report (Form ST-3) under “Revenue from State Sources(Categorical)” (H3297) for combined total revenues and by individual project.

Recording Expenditures of Capital Projects Funded With EXCEL Aid:

EXCEL Aid can be used for expenditures of voter approved capital projects or to retire bond anticipation notes (BANS) used to finance capital projects eligible for EXCEL Aid; however, EXCEL Aid cannot be used for interest on BANS.

If BANS are used to finance capital projects eligible for EXCEL Aid and the BANS are retired using EXCEL Aid, the ensuing bond issue must be reduced by the amount of EXCEL Aid used to retire BANS. Expenditures for these capital projects should be reported in the Capital Fund on Schedule G3 of the ST-3 in the appropriate control accounts and as expenditures from “Current Funds” (H522); however, if the project is initially funded with BANS and the BANS are still outstanding as of year-end, expenditures should be reported under “Obligations (Bonds, BANS, Cap Notes)” (H524).

Interest on BANS should be reported under account number A9731.7 (Bond Anticipation Notes – School Construction) in the General Fund, whether they are retired with EXCEL Aid or by other means.

If revenue anticipation notes are used to finance part of a capital project eligible for EXCEL Aid, the related interest should be reported under account number A9770.7 in the General Fund.

Last Updated: May 30, 2017