WEST YELLOWSTONE SCHOOL DISTRICT 69
7260
FINANCIAL MANAGEMENT
Endowments, Gifts, Investments, and Grants
The Board may accept gifts, endowments, legacies, and devises subject to the lawful conditions imposed
by the donor. Endowments received by the District will be deposited to an endowment fund as an
expendable or nonexpendable trust. Neither the Board nor the Superintendent will approve any gifts
that are inappropriate. Unless conditions of an endowment instrument require immediate
disbursement, the Board will invest money deposited in the endowment fund according to the
provisions of the Uniform Management of Institutional Funds Act (Title 72, chapter 30, MCA).
The Board authorizes the Superintendent to establish procedures for determining the suitability or
appropriateness of all gifts received and accepted by the District.
Educational foundations which seek to promote, enhance, and enable educational opportunities and
school improvement activities in the District may solicit and receive tax-deductible funds from donors.
Educational foundations may be sanctioned by the Board but not managed or directed by it. The
Board may appoint nonvoting advisors to the foundation board, if the bylaws of the foundation
permit that action.
The Board directs that all school funds be invested in a prudent manner so as to achieve maximum
economic benefit to the District. Funds not needed for current obligations may be invested in
investment options as set out in Montana statutes, whenever it is deemed advantageous for the District
to do so.
INVESTMENTS
At times there will be a cash balance in a school district fund, which, though allocated to a specific use, is
temporarily not needed, and may be placed in legal investments by the District and/or the county to insure
maximum investment benefits.
It is the policy of the Board of Trustees that any temporary balance in a school district fund which will
remain unexpended for a reasonable period shall be invested in public securities of the State, its
subdivisions, local government units and districts within the State, or Bonds of the United States, or other
securities fully guaranteed as to principal and interest by the United States or such other safe investments
bearing a fixed rate of interest as may be provided by law.
No investments that will impede cash flow shall be made prior to receipt of taxes.
The interest earned from such investments will be deposited to the respective fund. Recommendations for
investments shall be requested of the County Treasurer or other knowledgeable party and be reviewed by
the Board of Trustees.
Where appropriate, the interest will be used to increase the reserves to the maximum allowed by law.
GRANTS FROM PRIVATE AND PUBLIC SOURCES
The Board of Trustees encourages the development of proposals to private or public sources for subsidizing
such activities as innovative projects, feasibility studies, long range planning and research development. All
such activities are to meet the following criteria:
1.
They are to be based on a specific set of internal objectives that relate to the established
goals and objectives of the district.
2.
They are to provide measures to evaluate whether or not project objectives are being or
have been achieved.
3.
The execution of all projects to conform to state and federal laws and Board of Trustee
Policy.
4.
Funds are recorded and administered as separate budget items.
All grant proposals are to be approved by the Superintendent before being submitted to the
funding agency.
Policy History:
Adopted on: August 2012
Reviewed on: April 2013; April 2014
Revised on: