Okla. Stat. tit. 70, § 70-5-158

A school district shall establish funds consistent with legal

and operating requirements. Each school district shall maintain

according to its own needs some or all of the following funds or

ledgers in its system of accounts:

1. A general fund, to account for all monies received and

disbursed for general school district purposes, including all

assets, liabilities, reserves, fund balances, revenues and

expenditures which are not accounted for in any other fund or

special ledger account;

2. Special revenue funds, as required, to account for the

proceeds of specific revenue sources that are restricted by law to

expenditures for specified purposes;

3. Debt service fund, which shall include the school district

sinking fund, established to account for the retirement of general

obligation bonds, building bonds, transportation bonds or other long

term debt and payment of interest thereon and judgments as provided

by law. Any monies pledged to service general obligation bonds,

building bonds, transportation bonds or other long term debt must be

deposited in the debt service fund;

4. Capital improvement fund, to account for financial resources

segregated for acquisition, construction or other improvement

related to capital facilities other than those financed by general

long term debt;

Oklahoma Statutes - Title 70. Schools Page 327

5. Enterprise funds, to account for operations that are

financial and operated in a manner similar to private business

enterprises where the intent of the governing body is that the costs

(expenses, including depreciation), of providing goods or services

on a continuing basis be financed or recovered primarily through

user charges or where there is a periodic need to determine revenues

earned, expenses incurred or net income for a service or program;

6. Trust and agency funds, to account for assets held by the

school district as trustee or agent for individuals, private

organizations or other governmental units or purposes, such as a

retirement fund, employee health insurance fund or a school activity

fund;

7. Internal service funds, to account for the financing of

goods or services provided by one department or agency of the school

district to another department or agency, or to another government,

on a cost reimbursement basis;

8. A ledger or group of accounts in which to record the details

relating to the general fixed assets of the school district;

9. A ledger or group of accounts in which to record the details

relating to the general obligation bonds, building bonds,

transportation bonds or other long term debt of the school district;

or

10. Such other funds or ledgers as may be established by the

board of education.