6145.8

Policy

 

 

 

 

Instruction

 

Activity Funds Management

 

School activity funds may be expended only for purposes which may benefit the student body of the school. All rules, regulations, and procedures for the conduct, operation and maintenance of extra-curricular accounts, and for the safeguarding. Accounting and auditing of all monies received and derived there from are to contribute to that objective.

 

The accounting system for managing student activity funds will be designed to encourage the largest possible educational return to students without sacrificing the safety of funds.

 

 

Adopted:  June 04, 1990

 

6145.8

5135

3430

Regulation

 

 

 

Business

 

Activities Funds

 

Purpose and Responsibility

 

The building activity funds shall function as holding accounts of funds belonging to student and building organizations and groups. The building principal shall designate one or more individuals who shall serve as the account sponsor and shall authorize all disbursements. Whenever the disbursement is made from a student organization the disbursement shall be approved by the group at a meeting of the group.

 

Student activity funds shall not be used for any purpose that represents loan or credit to district employees or other individuals.  Post-dated checks may not be accepted.

 

Accounting for Funds

 

All funds shall be properly accounted for in both their disbursement and their receipt.  A record shall be kept by the building Principal or his/her designee of all receipts, disbursements and account balances.  A summary of the account shall be periodically prepared and presented for review to the Board of Education.  Account sponsors shall also cause to be kept a record of their group's or organization's account.

 

Purchasing and Disbursement of Funds

 

District employees may not make purchases through a student body in order to take personal advantage of student body purchasing privilege, or to avoid the paying of sales and use taxes.  District employees shall not accept free gifts or special privileges or discounts from vendors for purchasing from vendors on behalf of student groups.

 

Each organization shall annually prepare a budget and plan of activities as designated by the building principal.  Disbursements made from the activity fund shall be consistent with the plan and budget. All purchases made through an activity fund shall be approved in advance on a purchase order system prescribed by the building principal.  Any expenditure which will cause the account balance for an organization to be a negative balance must have a plan to eliminate the deficit prior to making the expenditure.

 

All disbursements shall have a statement or record attached for bookkeeping purposes.  That statement shall indicate the amount of disbursement, date of disbursement, who the disbursement is to, from what account the disbursement is drawn from, and supporting documentation for disbursement such as an invoice, billing, contract, etc.

 

Receipts

All receipts shall be properly accounted for and safeguards shall be in place to protect funds.  The following procedures shall be used in that accounting system.  All gate receipts shall be counted in the presence of two individuals.  These two individuals will may be the ticket seller or another person and the administrator/supervisor for the activity.  Both individuals shall sign the receipt record which shall be submitted along with the deposit slip to the building Principal or his/her designee.

 

In receipting funds from students as a result of dues collections, special fees or proceeds from fund raising, the sponsor shall maintain a list of collections including the amount and the individual from which funds were collected.  Individuals shall always be provided a receipt for any funds collected.  Upon completion of the collections, a listing shall be distributed to all those from which funds were collected and for the Principal which will contain the names and amounts collected.

 

All deposits shall be deposited within 48 hours.  Any deposit of $250 or more shall be deposited during the same day by way of night deposit if necessary.

A record of all receipts shall be maintained by the building Principal and/or his designee.  Records of receipt shall detail the amount of the receipt, source of receipt, account to which the receipt is to be credited, and the individual responsible for depositing the receipt.

 

 

Approved:  November 7, 1991

Revised: December 18, 2006