Board discusses interfund loans allowed for up to 24 months and accounting implications

Board members reviewed a statutory allowance to loan money between district funds for a term not to exceed 24 months and discussed how loans differ from transfers in accounting and ownership.

One member recited the statute: "The sentence reads, all or any part of any school district fund may be loaned to any other school district fund for a term not to exceed 24 months." Another speaker emphasized word choice: "Transfer means if I transfer this to Nick today, it's his. If I loan it to him, I get it back someday," arguing the loan option offers a short‑term fix but still requires a plan to repay. Members warned against charging interest unless auditors advise and agreed to include the issue as an October board action item to gather more input from auditors and peers.