School Finance Midterm

  1. ADA
    Average daily attendance...was once the way the schools were funded by the state
  2. Account Codes
    Every expenditure has a code associated with it
  3. Ad Valorem
    Property Taxes
  4. Adequacy
    Amount of funding determined to be minimal for Counties to operate- not equality
  5. Assessed Value
    Projected Value...what your home is worth vs. what it could sell for
  6. Bank Reconciliation
    Reconcile funds to outputs and inputs
  7. Bid (Sealed)
    Vendor's price for services
  8. Bid Process
    protected process for securing prices for services
  9. Bonds
    a policy of insurance to cover people who handle money (Bonded like the maids)
  10. Capital Outlay
    purchase of land/construction/renovation
  11. Charge Back
    Federal fine for a misuse of federal funds
  12. Co-mingle
    mixing funds from different sources
  13. CNP
    Child Nutrition Program
  14. Digest
    State Calculates annual property tax base
  15. Encumbered Funds
    funds that are committed (car & house payments)
  16. ESEA
    Elementary and Secondary Act Funds- Math & Science Funds Federal
  17. Fair Market Value
    Value of property as determined by comparable property
  18. Fiduciary
    Trust with money
  19. Fixed Assets
    Value of the school property inventory
  20. Flow Through Monies
    COmes in & immediately goes back out...filed trips
  21. Formula Grants
    Sources of money to fund schools for special reasons
  22. Categorical Grants
    Money allocated for designated purpose- outside regualr funding
  23. Guaranteed Tax Base (GTB) (Equalization Program)
    GA's attempt to equalize fuding by redistributing local property rax (Robin Hood)
  24. Indebtedness
    Total amount of debt for a school system
  25. Mandates
    A monetray requirement
  26. Local School
    School Unit
  27. Mid-year correction
    Can adjust budget in December
  28. Millage
    Rate of taxation of property 1/1,000 (.001%)
  29. Minimum Program
    GA Shcol funding formula
  30. Minority Exemption
    Allowance for minority vendors
  31. Plenary Power
    absolute power over public schools (General Assembly)
  32. Quality Based Education Act 1985 (QBE)
    Most current funding law in GA
  33. Required Local Contribution (Local Fair Share)
    To get state funding you must raise 5 mills of local tax
  34. Voucher
    Coupon allowing a sevice or funds
  35. Massachusets Law 1642
    1st kaw requiring parents to educate children
  36. Dedham Mass 1643
    1st American public school to teach males bible & Latin
  37. Land Ordinance of 1785
    Established 16th sections of land to be given to public schools
  38. 1840 Common School Movement (Horace Man)
    Modern Public School System- Based on industrialization
  39. Massachusetts Law 1852
    1st Compulsary attendnace law
  40. Watertown Wisconson 1855
    1st public kindergarten
  41. Morrill Act of 1862 (1890)
    Established Land Grant Universities- Required Teachers Ed
  42. Kalamazoo vs. Michigan (1874)
    City wanted to tax to build a school- SC of MI allowed school taxes
  43. Smith-Hughes Act 1917
    Provided for vocation ed in schools
  44. Pierce vs. Society of Sisters (1925)
    Catholic church sues to get relief from the compulsary attendnace law- allows for private schools
  45. National Defense Education Act of 1958
    Funds for Math, Science & Foreign Language
  46. Vocational Education Act of 1963
    Increases funding for vocational programs
  47. Title IV Federal Financial Aid Programs (1964)
    College Student Financial Aid
  48. Effective Schools Movement
    Ron Edmunds- Local Schools can make a difference
  49. Section 5 of the Voting Rights Act of 1965 (Pre-Clearance)
    Requires pre-clearance of anything that will effect the voters- people could not create their on school districts
  50. Coleman Report (1966)
    Minority students do better academically in racially integrated schools
  51. Section 504 of the Rehabilitation Act of 1973
    provides protection from discrimination for unspecified handicaps
  52. California State Proposition 13 (1978)
    1st Time in US History- Rolled back state property tax
  53. US Department of Ed
    Established in 1980
  54. McDaniels vs. Thomas
    Georgia case of adequate vs. equal...required funding equalization- generated the current funding policy in GA
  55. A Nation at Risk (1983)
    US Sec. of Ed Bell- Reported Education system to be failing in the US
Card Set
School Finance Midterm
Midterm Exam