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GAAP WAIVER RESOLUTION

GAAP WAIVER RESOLUTION

 

GAAP is the acronym for Generally Accepted Accounting Principles.  These principles are promulgated by the Governmental Accounting Standards Board (GASB) and are required in municipal financial statements and reports as part of Kansas statute KSA 75-1120a.

 

Libraries can request a waiver of these GAAP requirements and prepare financial records showing compliance with cash basis and the Kansas budget laws.  The waiver request procedure can be found on the Municipal Service page of the Kansas Department of Administration.  The web address is

http://www.da.ks.gov/ar/muniserv/GaapWaiverProcedures.htm [.]

 

If a library wants to request a waiver for current year, the library Board must pass a resolution, following the format shown on the web site.  The resolution should be kept with the official minutes

 

A GAAP waiver is only issued one year at a time.  The library Board should look at this issue each year and then pass a resolution.   A good time to discuss this would be at the same meeting the library Board handles the annual budget resolution.

 

If you have any questions about this procedure, please call Carol Barta at the NCKLS office.

 

(CURRENT YEAR) GAAP WAIVER RESOLUTION

WHEREAS the (Name of Library), (Name of Municipality), Kansas, has determined that the financial statements and financial reports for the year ending _______________ to be prepared in conformity with the requirements of K.S.A. 75-1120a(a) are not relevant to the requirements of the cash basis and budget laws of this state and are of no significant value to the Library Board or the members of the general public of the (Name of Municipality) and

WHEREAS there are no revenue bond ordinances or resolutions or other ordinances or resolutions of the municipality which require financial statements and financial reports to be prepared in conformity with. K.S.A. 75-1120a(a) for the year ended _________.

NOW, THEREFORE BE IT RESOLVED, by the Library Board of the ______________Library,  of (Name of Municipality), Kansas, in regular meeting duly assembled this _________ day of _____________, 20_____ that the (Name of Library) waives the requirements of K.S.A. 75-1120a(a) as they apply to the (Name of Library) for the year ending __________________.

BE IT FURTHER RESOLVED that the (Governing Body) shall cause the financial statements and financial reports of the (Name of Library) to be prepared on the basis of cash receipts and disbursements as adjusted to show compliance with the cash basis and budget laws of this State.

Permanent link to this article: http://lib.nckls.org/reference-resources/resources/gaap-waiver-resolution/

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