Current through Register Vol. XLI, No. 50, December 13, 2024
Section 63-4-2 - DefinitionsFor 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).