The following guidelines shall be used in managing bank
accounts:
A.
The amount of the imprest fund of a school shall
be based on the highest amount of funds expended in one month. The amount shall
be approved by the board of directors.
B.
The board of directors shall appoint a staff
member to serve as custodian of the fund. A surety bond shall be secured in the
amount of the fund.
C.
Use of imprest funds and/or petty cash shall be
restricted to those obligations which cannot be handled by voucher.
D.
Imprest funds and/or petty cash may not be used
to circumvent any laws related to purchasing.
E.
All receipts which are submitted for
reimbursement shall be dated and signed by the submitter.
F.
Imprest accounts shall be replenished at least monthly
by warrant payable to the custodian. The replenishment must be made by voucher
with appropriate receipts attached.
G.
Whenever an individual's appointment as
custodian is terminated, the imprest fund must be
replenished and turned over to the fiscal officer.
H.
Local audits of each imprest account by someone
other than the custodian of the account shall be made on a surprise and
unscheduled basis at least twice per year.
The following guidelines shall be in effect in the
operation of the respective associated student bodies:
A. The
principal shall appoint the primary advisor to the ASB. He/she shall be
responsible for designating advisors to the various student subgroup
organizations affiliated with the ASB. For schools with no grade higher than
grade six, the board may delegate the authority to a staff member to act as the
associated student body.
B.
The principal shall be responsible for
supervising the accounting functions to be performed at the building level. The
building level accounting procedures shall be consistent with the accounting
functions performed at the district office level.
C.
At the beginning of each year, the ASB shall
submit a report which describes in summary those activities which constitute
ASB programs.
D.
The ASB shall participate in the determination
of the purposes for which ASB financial resources shall be budgeted and
disbursed. Such purposes shall be reflected in the ASB budget which is
submitted to the board of directors for its approval.
E.
The ASB shall approve all expenditures before
money shall be disbursed from the fund.
In the event that an associated student body student group conducts fund
raising or solicits donations for scholarships, student exchanges and
charitable purposes, the associated student body group shall approve all
expenditures of money so raised.
F.
ASB funds may be used for purposes consistent
with school district policy and approved by the governing body of the
organization, subject to the provisions incorporated into the student body
constitution and bylaws. Private non-associated student body fund money held by
the district is limited to scholarships, charitable contributions, and student
exchange programs, and is limited to funds denoted for that specific purpose,
that have been so identified at the time of their collection, and that have
been held in trust exclusively for donative purpose.
Such funds must be contributed and raised on a voluntary basis.
G.
Fundraising activities not associated with an
ASB sponsored organization, including raising private non-associated student
body funds, are not permitted by law to be done under the direction or
supervision of staff nor with the use of district equipment, supplies,
facilities or other district resources unless the district is fully reimbursed
for all such costs. The principal shall have the authority to arrange for
non-ASB funds to be held in trust in separate accounts in the fund so long as
students are informed in advance that a charge shall be made to cover the full
cost of the service.
H.
For schools with students in grade seven or
above, evidence of student approval must appear on all vouchers supporting a
disbursement of ASB money. This includes purchase orders and imprest fund check
requests.
I.
ASB moneys must be on deposit with the county
treasurer with the exception of an imprest banking account and petty cash. Such
funds shall be administered in the manner required by the regulations of the
state board of education.
Moneys received for the district shall be handled as
follows:
A. Receipts
shall be given for all moneys;
B.
All moneys received by the district, except
those received by the county treasurer on behalf of the district, shall be
deposited in the district's transmittal account. Provisions shall be made for individual
buildings to have access to night depository. In no cases shall money remain in
a building for more than 24 hours;
C.
Receipts from special events shall be deposited
intact;
D.
All moneys in the transmittal account shall be
transmitted to the county treasurer no later than the first of each month. Such
transmittals shall be accompanied by a report indicating the sums to be
credited to each of the district's funds;
E.
An accurate record shall be kept of all
expenditures from each imprest account. Reimbursement to the maximum permitted
shall be made to each imprest account by voucher each month; and
F.
Local audits of each imprest account shall be
made on a surprise and unscheduled basis at least twice per year. In addition,
whenever there is a change of administrator, the imprest accounts which he/she
administered shall be audited by the district.
April 2005