Number: 618
Section: Finances
Title: Special Purpose Funds
Date Adopted: February 12, 1979
Date Reviewed: April 13, 1992

Purpose
It is the purpose of this policy to establish financial supervision and controls for the administration of the various activities that involve Special Purpose Funds.

Authority
The Special Purpose Funds of this district are the Student Fund and the Cafeteria Fund. Student Body Funds are not part of district funds but shall be supervised by the Superintendent and Business Manager, approved by the Board, and who shall countersign all checks drawn upon them.

Definition
For purposes of this policy, the Student Body Fund(s) shall include the following activities:

  1. student government
  2. student clubs
  3. student entertainment
  4. student publications
  5. student classes
  6. school band
  7. school orchestra.

Each student body activity covered by this policy must be recognized and budgeted by the finance committee of the student body organization before funds can be collected or disbursed in the name of said activity. Said committee shall be composed of the school principal, student body advisor, appointed faculty members and elected student body officers.

Other Special Purpose Funds shall be controlled and budgeted in accordance with this policy and P.G. 808.

All Special Purpose activities shall be on a self-sustaining basis.

Guidelines
In order to ensure proper supervision of all Special Purpose Funds using the name of the school, the Board establishes the following guidelines:

Funds of any student body organization may be deposited or invested in:

  1. banks whose accounts are insured by FDIC,
  2. investment certificates or withdrawable shares in State-chartered savings and loan associations doing business in-State and insured by FDIC or FSLIC.

Funds collected shall be turned in to the:

  1. Building Principal before the end of each school day, to be safeguarded until they are deposited as soon thereafter as possible.

Funds from the cafeteria activities shall be treated as prescribed in P.G. 808.

Records shall be maintained of the receipt and disbursement of all such funds in designated accounts according to the activity involved.

Disbursements from such funds shall be made by check only upon the request of the authorized advisor and the approval of the Building Principal and Treasurer of the Fund.

All Student Fund checks shall be signed by two of the following officers: Treasurer, President, Superintendent or Business Manager.

Contracts for materials or supplies whether on purchase or rental may be made for a one-year period only by the Business Manager and Building Principal.

All funds should be of an exchange nature and large balances should not be permitted to accumulate. Money should not be raised or collected unless there is a definite purpose for doing so.

No funds shall be expended without the approval of the faculty advisor of the organization, a student representative of the organization and the principal.

A financial report of the condition of each Special Purpose Fund organization shall be submitted to the Board monthly.

All Cafeteria Fund checks shall be signed by the Board President, Secretary and Treasurer or their alternates during their absence.

A financial report of the condition of the Cafeteria Fund shall be submitted to the Board monthly.