ADMINISTRATIVE PROCEDURE FOR PROPER ACCOUNTING
OF THE NANCY JANE COX REYNOLDS MEMORIAL
SCHOOL ENDOWMENT FUND
Administrative Procedures:
8210
All funds will be submitted to the Stokes County Board of Education and deposited in an official
depository approved by the board of education. This account will be a separate account entitled
“Nancy Jane Cox Reynolds Memorial School Endowment Fund.”
The local school advisory committee, appointed by the board of education according to the
School Advisory Committee policy (policy 5005), along with the principal, will determine the
expenditure needs from these funds.
The school finance officer will notify the committee chairperson and the principal in writing at
the beginning of each fiscal year of the balance, including interest, in the account.
The committee will submit to the finance officer county purchase orders to obligate expenditures
from these funds. All invoices will be submitted to the finance officer for payment.
Any purchase order to be obligated, exceeding $500.00, must be accompanied by minutes of the
local school advisory committee, showing that approval of the obligation has been made by the
committee, and verified by signatures of all committee members and the principal.
All funds from this account must be used specifically for the upkeep of the grounds of the Nancy
Jane Cox Reynolds Memorial School. Any purchase orders questioned by the finance officer
will require board approval.
The administration and utilization of these funds must be identified in the annual independent
audit required by N.C. Gen. Stat. 115C-447. Although the funds will not be included in the
budget prepared pursuant to the School Budget and Fiscal Control Act, the receipt and
expenditure of the funds will be included as a separate item in the annual independent audit.
Issue Date: April 13, 1987 (as Policy 8222)
Reissue Date: March 13, 2000
Revised: September 12, 2005
STOKES COUNTY BOARD OF EDUCATION POLICY MANUAL
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