[Mail_treas] Tax-Exempt Municipal lease/purchase loan

[MitchBiederman]

Treasurer's,

Okay, so the responses to my question below is cracking me up and I don't know why.  The responses are all over the place.  Many of you use 004 or 003, and quite a few think 070 is a good option.  Some of you are not even accounting for it in your system and keeping the escrow records separate from the books and paying down the project because the time is so short.  I'm so confused as to what to do.....  I do need to create a purchase order to The Motz Group who is putting in the turf, so I'm thinking I need to do some internal accounting at least to do the total PO.  Thanks for all the responses and making my day.  I'm sitting here in my office and I think my staff thinks the holidays are getting to me because I can't stop laughing.

Mitch

From: MitchBiederman
Sent: Thursday, December 17, 2015 9:12 AM
To: 'oecn_treas at oecn.k12.oh.us'
Subject: Tax-Exempt Municipal lease/purchase loan

Treasurer's,

I have done quite a few bond issues and HB 264 projects in my tenure, but I don't think I have ever done a "Tax-Exempt Municipal Lease/Purchase loan  (replacing our HS football turf).  The money is now in escrow holding with 5/3 bank to pay "The Motz Group" as the project goes along.

What Fund do I use to do the accounting of the escrow and payment of the project over the next couple months to completion?  003, 004, 070?  I have asked our auditor several times, but she hasn't gotten back with me so I thought I would reach out to the experts.

We are good to go and set up for the loan payback out of our athletic budget.

Mitch Biederman
Mitch Biederman
Treasurer
Centerville City Schools
937-433-8841
Mitch.biederman at centerville.k12.oh.us<mailto:Mitch.biederman at centerville.k12.oh.us>

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listserv.mveca.org/pipermail/mail_treas/attachments/20151217/a95d62d4/attachment.htm>