Gift-Money received from a philanthropic foundation, private indi-
 vidual, or private organization for which no repayment or special
 service to the contributor is expected.
Grant-Money paid to a school activity by the school district for which
 no repayment is expected.
Inactive-A student body organization is considered inactive upon dec-
 laration of the principal after the organization has ceased to func-
 tion as such or after the need for the organization has passed.
Intact, or Deposited Intact-A bank deposit or money presented to a
 bank for the credit of the Student Activity Fund or School Lunch
 Fund in the same form as received. This implies that any receipt
 of funds in the form of cash shall be deposited as cash. Receipts
 in the form of checks shall be deposited as checks to the accounts
 for which they were received. The cashing of a check from funds
 on hand would be a violation of this concept as would be the sub-
 stitution of a check for cash. All funds from a given source would
 appear as such on a separate bank.
Interfund Transfers-Money which is taken from one school's activity
 fund and added to another school's activity fund. Interfund trans-
 fers are not receipts or expenditures of a school.
Internal Control-A plan of organization under which employees' duties
 are so arranged-and records and procedures so designed-as to
 make it possible to exercise effective accounting control over as-
 sets, liabilities, revenues, and expenditures. For example, under
 such a system, the employees' work is subdivided so that no one
 employee performs a complete cycle of operations. For instance, an
 employee handling cash would not post the accounts receivable
 records. Again, under such a system, the procedures to be followed
 are definitely laid down and such procedures call for proper authori-
 zations by designated officials for all actions to be taken.
Inventory-A detailed list or record showing quantities, descriptions,
 values, units of measure, and unit prices of property on hand at
 a given time.
Invoice-An itemized statement of merchandise shipped or sent to a
 purchaser, consignee, etc., with the quantity, value or prices, and
 charges annexed.
Journal-Any form in which the financial transactions of the school
 district are formally recorded for the first time, such as a cash re-
 ceipts book, check register, and journal voucher.
Liabilities-Debt or other legal obligations arising out of transactions in
 the past which are payable but not necessarily due. Encumbrances
 are not liabilities; they become liabilities when the services or mate-
 rials for which the encumbrance was established have been ren-
 dered or received.
Memoranda Account-An informal record of a school activity transac-
 tion that cannot be recorded under the regular financial accounts
 but for which a record is desired.
Merchandising Accommodation-A merchandising accommodation is
 defined as an accommodation provided by a school activity fund
 for individual members of the organization or student body mem-
 bers for merchandise not readily available from another local
 source. Examples may be school rings, emblems, and similar spe-
 cialty items made available and primarily without profit to the
 fund.
Net Expenditure of an Activity-The actual outlay of money by a school