Bremen School Board members approved a transfer of inactive funds when they met Monday night.
Superintendent Dr. Jim White noted that this action was a bit of financial housekeeping that school officials wanted to get done prior to the state-mandated budget transition that will go into effect after the first of the year.
He explained, “Over time, you create additional funds, they’re very small, so you may get a donation for $2,000 or a grant for ‘x’ amount and then you spend it down and you’re left with a couple hundred dollars in it.”
Dr. White continued, “When you do a fund report you have your major funds but then you have thirty extra funds hanging out there with a dab of money in them and it clutters up reporting.
Dr. White said the board members provided approval for all of the inactive funds to be transferred to the general account. Due to the transfer resolutions that board members approved earlier this year in anticipation for the budget changes expected in 2019, all the money in the General Fund will end up in the newly established Education Fund after the first of the year
