School Finance Study

This set of vocabulary flashcards covers key concepts, types of grants, budgeting methods, and accounting terms related to school finance.

Capital funding

Money used to fund construction of major facilities.

Excise tax

A tax used to regulate or control a certain good such as tobacco or alcohol.

Severance Tax

A tax on resources taken from the land such as oil and gas.

Flat grants

Uniform amount of funds per pupil, per teacher, or similar unit.

Equalizing grants

Funds given to low-income districts to balance money gaps.

Block grants

Fixed lump sum of money for broad purposes.

Categorical grants

Money given for specific purposes with strict guidelines.

Expenditures

Money that is spent on goods, services, and bills.

Revenues

Funding sources.

Line-item budgeting

Budgeting developed based on previous expenditures and revenue.

Performance budgeting

Funding desired outcomes by focusing on programs and activities.

Zero-based budgeting

Budgeting where every expense must be justified from scratch each new period.

Outcome-focused budgeting

Links resources to outcomes and assigns resources to things that meet the school's goals.

TQM budgeting

A group task force of stakeholders analyze problems and recommends solutions.

District activity funds

Special revenue funds for items like co-curricular costs, such as band uniforms.

Student activity funds

Agency funds, such as those for the student council.

Object codes

Codes specific to the actual use of funding such as Salaries, Purchase Service, or Supplies.

Function codes

Codes used for general areas of expenditures.

Restricted funds

Funds that can only be legally used for certain purposes.

Unrestricted funds

Funds that can be carried over for reallocation in another fiscal year.

Assets

$$\text{liabilities} + \text{equity}$$

Equity

$$\text{Assets} - \text{Liabilities}$$

Encumbrance Accounting

‘Committed’ funds reserved for a future cost or signed contract.

Cost Accounting

Used to reduce and eliminate costs in a business; tracks costs for specific programs to measure costs and ensure compliance.

Accrual Accounting

Records revenues and expenses when incurred or earned, even if not exact cash yet, such as in a school store.

Restricted (Category)

The category that applies to a fund balance that can only be utilized for its designated purpose.

Title II of ESEA

Grant program used to improve the quality and effectiveness of teachers, principals, and other school leaders

Which grant provides funds specifically for hybrid or blended learning?

Title IV of ESEA

Which funding program has the specific purpose of assisting schools in improving instruction for English learners?

Title III of ESEA