LAKE MILLS AREA SCHOOL DISTRICT
POLICY 662.1-RULE – STUDENT ACTIVITY FUNDS MANAGEMENT
Administration
A.
The Superintendent of the District or designee shall have responsibility
and authority to implement all policies pertaining to student activity funds
in accordance with established policies of the Board of Education.
B.
The Business Manager in cooperation with the school principal shall
recommend to the Superintendent appropriate account procedures.
C.
The principal of the school, as trustee, shall be directly responsible for the
conduct of student financial activities in accordance with the policies,
rules, and procedures set forth by the State, local District and
Superintendent or Business Manager/designee. The school secretary may
act as the activity fund bookkeeper under the direction of the principal.
D.
The principal must apply to the Superintendent or designee for approval to
establish a new student organization/fund. The application should include
the name and purpose of the organization along with proposed fund
raising activities and uses of funds.
E.
Each class, club or organization shall be assigned a faculty advisor who
under the direction of the principal will be responsible for the activities of
the organization, including the maintaining of documentation and approval
of all transactions. A list of advisors and the club that they are assigned
will be submitted to the Business Office by October 1st of each school
year.
F.
The misappropriation of a student activity fund by an employee which
includes theft or any other misuse is prohibited. The offending employee
will be subject to employee discipline, as well as, prosecution under the
full extent of the law.
Record Keeping
A.
Each student activity that anticipates revenues or expenditures to exceed
$1,000 in a school year should establish an annual budget listing
anticipated receipts and expenditures.
B.
The principal’s office shall provide the faculty advisor with a statement at
the beginning of each school year that shows the beginning balance for
each student activity account and when there is activity in any given
month, provide a monthly statement showing beginning balance, receipts,
expenditures, and ending balance for each student activity account that has
activity.
C.
Each student activity organization should keep accurate financial records
that can be reconciled with the monthly statement provided by the
principal’s office.
D.
E.
F.
Receipts
A.
B.
C.
D.
E.
F.
G.
No organization shall be allowed to operate with a negative balance in its
account. Special exception may be made with the approval of the
principal or Business Manager, based on a reasonable expectation that
such negative balance is a temporary condition that will be corrected by
incoming receipts.
Student activity records and financial procedures are subject to periodic
internal audits by the Business Manager and outside audits by independent
auditors.
Activity fund financial records and supporting documents should be kept
for at least seven (7) years.
The faculty advisor has personal responsibility for monies collected from
students and student fundraisers until they are deposited at the school
office or turned over to a school administrator for handling. Therefore, it
is in the best interest of the advisor to use a multi-part pre-numbered
receipt form to record the collection of all monies, if no other audit trail is
available.
All monies that are raised by an activity must be properly receipted and
deposited daily in the school office by the Faculty Advisor of the student
treasurer. The deposit must be verified by submitting a “Deposit Request”
form or other form approved by the Business Manager that is signed by
the advisor and if applicable, student treasurer. If the school office does
not provide the advisor with a receipt, the Activity Fund Secretary must
also sign the “Deposit Request” or other form approved by the Business
Manager.
All checks received in the school office shall be immediately stamped
“For Deposit Only” by the activity fund secretary.
Accumulated receipts must be either deposited in the school’s bank
account or locked in the school safe by the end of each day. For the safety
of students and staff the amount in the school safe should be kept to an
absolute minimum. Money is not to be taken home by an advisor or any
other school employee nor should monies be placed in an employee’s
personal account.
All receipts should be deposited intact, in the form in which they are
collected. Receipts should not be used for making change, petty cash or
other disbursements.
If the school’s bank account earns interest, it may be prorated to various
activity fund accounts or credited to the District General Fund at the end
of each school year.
Bank statements should be reviewed and reconciled monthly.
Disbursements
A.
Expenditures will be requested via a Lake Mills Area School District
“Check Request” form in a format approved by the Business Manager.
The form will require the principal, faculty advisor, and if applicable,
student treasurer approval signatures. Supporting documentation such as
invoices, sales slips, letters, etc., must accompany the Disbursement Form
and must be retained for audit purposes.
B.
All expenditures of student activity funds are to be made by a prenumbered check. Checks require the original signature of the principal or
principal designee, if the principal is absent from the building. Signature
stamps are not allowed. Checks may not be written to cash.
C.
Personal checks may not be cashed for anyone.
D.
Any compensation payment to school employees from student activity
funds is prohibited
E.
No personal purchases may be made through student activity funds for
School Board members, staff members or other individuals.
F.
Expenditures from student activity funds for professional books and
magazines and personal memberships in professional organizations are
prohibited.
G.
Personal loans or extended credit may not be provided to anyone.
H.
Voided checks should be retained for audit purposes.
I.
The principal must receive prior approval by the Business Office for any
expenditure over $2,500.
Inactive Accounts/Disposition of Funds
A.
At the end of the school year, all balances of class, club or organization
funds will be carried over to the next school year with the exception of the
graduating class fund balance. The graduating class, after covering the
expenses and activities of the class, shall designate how any remaining
balance will be disposed of or spent. This designation must be made in
writing to the high school principal before the end of the school year. Any
funds which remain in a class treasury at the end of the school year of
graduation will be transferred to the District General Fund.
B.
An account may be considered inactive after twenty-four (24) consecutive
months without financial activity.
C.
Inactive accounts may be closed by the Business Manager at the request of
the school principal and the funds transferred per the request of the
principal to either active student activity accounts or the District General
Fund.
Approved: 7/12/10
NEW STUDENT ORGANIZATION APPLICATION
The Lake Mills Area School Board is responsible for approving all student organizations
which organizes to raise money and/or promote a particular program, project or subject
area. The building principal must apply to the Superintendent or designee for approval to
establish a new student organization/fund.
Name of New Student Organization:__________________________________________
Faculty Advisor:__________________________________________________________
Purpose of the Organization:
Proposed fund raising activities and uses of funds:
Approved: 7/12/10
ACTIVITY ACCOUNT BUDGET
Student Class, Club or Organization:__________________________________________
School Year:__________________________
In anticipation of exceeding $1,000 in revenues or expenditures our activity/club plans to
do the following, (additional support or documentation may be attached):
Anticipated Revenue Sources:
Anticipated Expenditures:
Faculty Advisor:_______________________________________
Approved: 7/12/10