How must charter schools account for tax credit monies?
Schools may account for extracurricular activities fees tax credit monies in the Schoolwide Project or establish a separate project titled “Extracurricular Activities Fees Tax Credit” numbered in the 1500-1599 Other Special Projects series as outlined in the USFRCS Chart of Accounts. Schools may deposit extracurricular activities fees tax credit monies in either the General bank account or the Auxiliary Operations bank account. Regardless of what project and account a school chooses to account for tax credit monies, the school must maintain detailed accounting records to ensure that tax credit monies are used only for allowable expenditures and in support of both the school and purpose designated by the taxpayer. If schools receive contributions that are not designated for a specific purpose, the school’s site council must determine how the contributions should be used at the school site. If a school does not have a site council, the principal, director or chief administrator of the sc
