8000 - Fiscal Management

8410 Individual School Accounts

The Board authorizes the maintenance of appropriate individual school accounts.

Each student organization or club that has monetary transactions is expected to establish and maintain a student activities account with the treasurer of the individual school.  All monies collected shall be deposited in the student organization account, and all payments made from the account shall have the approval of the sponsor and the principal.  Monies raised by student organizations shall be expended for the benefit of students. 

All employees and volunteers who handle checks, receipts, deposits, money or financial records related to the individual school accounts are expected to be familiar with applicable laws and Board policies. 

The principal is responsible for the proper administration of financial activities of the school in accordance with provisions of law and appropriate accounting practices and procedures.  Individual schools can engage in contracts to the extent permitted by Board Policy 6420, on an annual basis.  All contracts should be submitted to the Superintendent and/or designee prior to implementation, and the Superintendent or designee will determine if the contract should be reviewed by the Board Attorney.  The School Treasurer shall perform duties as provided in Board policy 8520, School Treasurer.  Each payment made at the individual school level shall be made on a check signed by both the principal and School Treasurer.

The Finance Officer shall establish any procedures necessary to help ensure that all funds are handled in accordance with law, board policy, and standards for accounting.

All accounts are subject to audit at any time by the superintendent or finance officer.

 

Legal References:  G.S. 115C-435, -436, -445, -448

Cross References:  Fiscal Management Standards (policy 8300), Daily Deposits (policy 8325), Policy 6420, Contracts with the Board, School Finance Officer (policy 8510), School Treasurer (policy 8520)

Adopted:  November 7, 2011

Updated:  May 10, 2016

Legal References:
G.S. 115C-435, -436, -445, -448
Cross References:
Fiscal Management Standards (policy 8300), Daily Deposits (policy 8325), School Finance Officer (policy 8510), School Treasurer (policy 8520)
Adopted:
Monday, 07 November 2011
Last Updated:
Tuesday, 10 May 2016