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Adoption Date: 9/1/2012
Regulations - Regulations


5520R SAFEGUARDING, ACCOUNTING AND AUDITING OF EXTRA CLASSROOM ACTIVITY FUNDS

There are certain principles and procedures that should be followed in establishing an adequate accounting system for extra classroom  activity funds. The following basic devices are essential to the proper management of such funds:

 

Basic Principles

 

1)     Two  (2)  separate  and  independent   sets  of  records  of  receipts  and  expenditures   shall  be maintained.

 

2)      The authority to expend moneys shall be distinct and separate from the custody of these moneys.

 

3)      At least two (2) individuals shall take part in each act of disbursing money.

 

4)      The custodian of funds shall report to the Board of Education regularly at quarterly intervals.

 

5)      All accounts shall be audited at least annually.

 

6)     Procedures shall be established which will ensure a prompt and careful examination and check of each receipt and each payment.

 

7)     The accounting  system shall be such that it will yield the largest possible educational return to students without sacrificing the safety of funds or exposing students to undue responsibility or unnecessary routine.

 

Functions and Duties of Officers

 

Chief Faculty Counselor  (usually the Building Principal)

 

Itshall  be the  duty of this officer  to coordinate  the financial  planning  of all  projects of the various student organizations  in his/her building; to consult with the Faculty Advisors; to appoint a Faculty  Advisor  for each activity  in his/her  building on a year-to-year  basis; and to submit to the Board of Education for approval all new activity organizations initiated by the students. He/she shall investigate all problems and disputes concerning  the student organizations under his/her jurisdiction and shall effect action that will enable these problems and disputes to be resolved.

 

Faculty Advisor

 

It shall be the duty of these officers to guide and advise the student officers in planning extra classroom activities and  the planning of financial budgets.  The advisors  shall assist the Activity

Treasurer  in the preparation  of statements  and sign them as acknowledgment  of verification of the income  statement  to  be attached  to deposit  slips. The  advisor  shall  guide  the  student  treasurer  in posting  to  the  account  ledger  and  from  time  to  time  shall  check  the  balancing  of  the  Activity Treasurer's accounts and the completeness of their supporting evidence. The Faculty Advisor shall supervise expenditures by insuring that funds are available before approving each proposed purchase and by signing all pay orders drawn on the Central Treasurer for disbursement  of funds. The Faculty Advisor is responsible for determining which of the activities of the organization  are subject to sales tax and for taking steps to see that all tax information is accurately recorded and sent to the Central Treasurer.  The  Faculty  Advisor  shall  constantly  work  toward  the  goal  of  insuring  the  largest educational return from the activities participated in by the students.

 

Activity Treasurer

 

The Activity Treasurer shall receive all moneys raised by student activity and shall immediately deposit such funds with the Central Treasurer. Duplicate deposit slips shall be made out and signed by both the advisor and Activity Treasurer. One of these deposit slips is to be retained by the Central Treasurer, and one deposit slip, after being signed by the Central Treasurer,is to be returned to the Activity Treasurer together with a Central Treasurer's receipt.

 

The Activity  Treasurer  shall pay all bills by issuing pay orders signed by himself/herself,  the Faculty Advisor and the Central Treasurer. Itis the responsibility of the Activity Treasurer to verify the balance in his/her account when submitting a payment order. This form is an order on the Central Treasurer to issue a check for payment of the invoice which shall be attached to the pay order. The Central Treasurer will keep the pay order. The Central Treasurer will send the check to the vendor.

 

The Activity Treasurer shall keep a ledger showing all receipts and expenditures and indicating a daily running balance. He/she shall file all supporting data,chronologically, as evidence for the entries made in the ledger.

 

Central Treasurer

 

Itshall be the duty of the Central Treasurer to have custody of all funds.  All disbursements of funds shall be by means of pre-numbered check forms signed by the Central Treasurer upon receipt of a payment order signed by the Activity Treasurer  and Faculty Advisor. The Central Treasurer shall have  no  part  in the  approval  of payments  but shall  disburse  funds  only  on  the  presentation  of  a properly signed pay order providing, of course, that there are sufficient funds available in the account.

 

The  Central  Treasurer  shall  sign  a receipt  for  all  funds  placed  in his/her  custody,and  shall deposit these funds promptly in a bank designated by the Board of Education.

The  Central Treasurer  shall keep an account  listing  the  receipts  and expenditures  within  the software system of each individual activity and post a register of all the receipts and disbursements of the combined student organizations on ledger forms prescribed by the Board of Education.

 

Once each month, the Business Office shall receive and verify the bank statements and prepare reports. Quarterly reports prepared by the Treasurer for the Board should show beginning balances, receipts for the month and the ending balances for each organization.

 

This   follows   guidelines   of  the   State   Education   Department's   book   "The   Safeguarding, Accounting, and Auditing of Extra classroom Activity Funds."

 

Extracurricular Account Procedures

 

Each class/club organization has an extracurricular account as a depository for class/club organization  funds.  The Central Treasurer  has responsibility  for the extracurricular  accounts  of all school class/club organizations.

 

All  funds,  raised  in  any  manner  in  the  name  of  a  respective  Activity  Treasurer,  are  to  be deposited  in  the  respective  extracurricular  account.  Both  the  Activity  Treasurer  and  organization treasurer will be responsible for making an appointment with the Central Treasurer to complete the necessary forms in the depositing of funds.

 

The expenditures and/or disbursement  of all funds from any extracurricular  Activity Treasurer must have prior approval from the Faculty Advisor and Club Treasurer. The Activity Treasurer will be responsible for working with the Central Treasurer to complete the necessary forms in the expending and disbursing of funds.

 

Prior to the close of the school year, it will be the responsibility of both the advisor and Activity Treasurer to make an appointment with the Central Treasurer to conduct account closing procedures. At this time the class advisor will receive remuneration for his/her duties. Advisor responsibilities for each year are not completed until account books have officially been closed.

 

Deposit Procedures

 

1)     Upon receiving money, the Activity Treasurer will count the money received and complete a Recap of Receipts form in duplicate.

 

2)      If the deposit cannot be taken to Central Treasurer at that time it should then be placed in a locked secure designated school area until the next school day. No activity money should be taken home by anyone.3)     The Central Treasurer will sign the recap sheet and return together with a receipt for the money deposited.  If  the  Central  Treasurer  is  not  available  to  count  the  money  then  the  Activity Treasurer  should  see that  someone  from  the  business  office  counts  the  money  and  issues  a receipt. If money is left, uncounted, at the Central Treasurer's office it will be understood that it is NOT the Central Treasurer's responsibility if there is a discrepancy in the amount of deposit.

 

4)      The  Activity  Treasurer  shall  enter  the  amount  of  the  deposit  in  the  activity  fund  register indicating the source from which the funds were received (i.e., dance, magazine sales, etc.).

 

5)     File  chronologically   the  supporting  data  consisting   of  the  duplicate   recap  sheet,  Central Treasurer's  receipt  and,  if  applicable,  the statement  of  admissions.  These  forms  provide  the evidence for the entries made in the Activity Treasurer's books.

 

Withdrawal Procedures

 

1)     Upon receiving an invoice for goods received or services rendered the activity treasurer and the Faculty Advisor should determine that the bill is correct and all items have,in fact, been received as billed.

 

2)     A payment order is prepared in duplicate and signed by the Activity Treasurer, Faculty Advisor and the Chief Faculty Counselor.

 

3)     Aninvoice, receipt or statement to substantiate expense  MUST accompany all payment orders before the Central Treasurer can issue a check.

 

4)      The balance in the activity's account must be verified and indicated on the payment order.

 

5)      The  payment  order  is  sent  to  the  Central  Treasurer  for  payment.  Checks  are  issued  each

Thursday for all payment orders received by Wednesday afternoon of that week.

 

6)     The Central  Treasurer  will return a copy of the payment  order with the date paid and check number indicated. When an address is included the Central Treasurer will send the check to the address listed unless otherwise advised. Where no address is given the check will be returned to the Faculty Advisor for mailing.

 

7)       The activity advisor makes the necessary entry in his/her books indicating to whom the check is made out and the reason. The pay order is filed to give supporting evidence for the entry.

 Monthly Reconciliation

 

The Activity Treasurers shall reconcile their records with those of the Central Treasurer. At the end of every month the Central Treasurer will send every activity an Activity Reconciliation  Report which will be verified by the Activity Treasurer. This will list the transactions for the month including interest earned for the previous month. At the bottom of the report is the statement:

 

The information on this report is correct and complete to the best of my knowledge.

 

 

Signature    _______________________                       /          / 

(Please sign and return to Central Treasurer)