DG – Depository of Funds

All income payable to the District and all revenue received will be deposited with the Treasurer, who will credit it to the appropriate account.

The School Board will determine when other depositories are needed and will name them by resolution.

Depositories will be selected only after careful review of fiscal practices and ability to meet the safety and service criteria of the District.

Admission receipts and fees from school events shall be controlled and reported in accordance with applicable laws and regulations. The principal (or designee) is responsible for the administration and supervision of all phases of school events for which an admission or fee is charged.

Adequate records shall be maintained by the principal to provide chronological and accounting data for subsequent review and analysis.

The Board requires the timely deposit of all receipts, categorized by activity, to an account within the general fund.

Money received for interscholastic and co-curricular events may be used to reimburse or purchase goods and/or services not covered under the regular budget, at the discretion of the building principal (or designee), and the approval of the Business Administrator.

No equipment or supplies shall be disposed of until permission has been received from the Business Administrator. He/She shall determine whether the material involved has salable value, and if such shall be the case, he/she shall arrange for the sale of the material. If material does not have salable value, the proper disposal of the equipment and/or supplies shall be determined by the Business Administrator.

The principal of the school shall be responsible for the proper administration of the financial activities of the student activities fund in accordance with state law and appropriate accounting practices and procedures. All monies collected shall be deposited to the student activities account at the local banks. All payments made from the student activities account shall have approval of the principal or his/her designee. Monies raised by student organizations or class activities must be expended for the benefit of students.

Student activity accounts are subject to auditing at any time by Business Administrator or his/her designee.

Category: O

1st Read: November 13, 2012
2nd Read: December 18, 2013
Adopted: December 18, 2013