West Virginia Code of State Rules › Agency 63 - Conservation Committee › Title 63 - LEGISLATIVE RULE STATE CONSERVATION COMMITTEE › Series 63-04 - Conservation District Accounting and Auditing Standards › Section 63-4-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
For the purposes of this rule, the following definitions
				  apply:
2.1. "Accrual basis" means the
				basis of accounting when revenues are recorded when earned but not yet received
				and expenses when incurred but not yet paid.
2.2. "Agreed-upon procedures engagement" or
				"APE" means the performance of a specified set of audit procedures on specified
				assertions of the financial statements. No attempt is made to expand testing
				beyond the procedures agreed to by the parties involved.
2.3. "Audit" means an agreed upon procedures
				engagement where a practitioner performs specific procedures on subject matter
				and reports the findings without providing an opinion or conclusion.
2.4. "Cash basis" means the basis of
				accounting under which revenues are recorded when received in cash and
				expenditures are recorded when paid.
2.5. "Chart of accounts" means a numerical
				listing of all asset, liability, fund balance/equity, revenue and expenditure
				accounts used to record accounting transactions.
2.6. "Conservation district" means a
				subdivision of the state organized under W.Va. Code §
									19-21A-5.
2.7. "Conservation district board" means a
				board comprised of elected or appointed conservation district supervisors who
				serve as a Conservation District's governing body, W.Va. Code
				§
									19-21A-7.
2.8. "Conservation
				district operating funds" or "CDO) funds" means funds provided by the State
				Conservation Committee and the West Virginia Conservation Agency to
				conservation districts. These are state funds provided to districts to use at
				their discretion for day-to-day operations.
2.9. "Conservation district supervisor" means
				one of the members of the governing body of a conservation district, elected or
				appointed in accordance with the provisions of W.Va. Code §
									19-21A-6.
2.10. "Co-administered funds"
				means funds sent by the State Conservation Committee and the West Virginia
				Conservation Agency to conservation districts to carry out the conservation
				project goals and to fund partnership projects of all parties. This includes
				both state and federal funds.
2.11.
				"Fund" means a
separate group of self-balancing accounts recording cash
				and other financial resources together with all related liabilities and
				residual equities or balances, and changes therein, which are segregated for
				the purpose of carrying on specific activities or attaining certain objectives
				in accordance with special regulations, restrictions, or
				limitations.
2.12.
				"General funds" means funds generated by a conservation district though sales
				of inventory, rental of equipment, or revenue generated from services of
				district employees/work crews.
2.13. "Special revenue funds" means funds
				received directly by a conservation district for a specific purpose such as a
				federal or public grant.
2.14.
				"State Conservation Committee" or "SCC" means the state agency charged with
				conserving the soil resources of this state, reducing soil erosion, preserving
				natural resources, controlling flooding, and protecting public lands, W.Va.
				Code §
									19-21A-4.
2.15. "West
				Virginia Conservation Agency" or "WVCA" means the administrative agency of the
				State Conservation Committee, W.Va. Code
				§
									19-21A-4(e).