DGA
AUTHORIZED SIGNATURES - FUND DEPOSITS AND DISBURSEMENTS
I. Authorized Signatures
a) The District Treasurer, and in his/her absence, Assistant Treasurer, are authorized to sign:
checks drawn against Ashburnham-Westminster Regional School District funds which have been authorized by School Committee approved warrants.
appropriate bank forms.
No other signature is valid except for check amounts below limits specified in §III. b) below.
b) For purposes of this policy the Superintendent is authorized to act as Assistant Treasurer unless the School Committee specifically appoints an individual to that position.
c) The Chair of the School Committee is hereby authorized to certify to financial institutions the names of District personnel authorized to sign and act for the District and the offices respectively held by them, together with specimens of their signatures.
II. Authorized Access
The Business office shall establish such Policies and/or Procedures as may be required to ensure that any AWRSD employee having access to district funds shall immediately have such access voided upon termination of employment with the District. This includes removal of authorized signatures on file with any financial institution.
Such Policies and Procedures shall also include a District Fund Access Review Process to insure district fund access privileges are appropriately maintained.
III. Fund Disbursement
a) The handling and recording of all purchase orders, invoices for payment and checks, is done by the District Accountant.
b) All checks in excess of $5,000 will be signed by the Treasurer.
c) Disbursements from bank accounts are reconciled by both the Treasurer and the District Accountant who makes entries into the accounting system.
d) Authorization by signature from the Budget Subcommittee of the School Committee is required of at least 3 members for the payment of any bills.
IV. Deposits
a) The handling and depositing of receipts, both cash and checks, is done by the Accounts Payable Bookkeeper or District Accountant.
The Director of Finance and Business Operations shall not perform this function
b) Physical bank accounts are reconciled by someone who does not make deposits. The Treasurer shall receive a copy of the reconciliation, bank statement and detail of monthly activity in cash accounts for all accounts in a timely manner.
c) Receipts of cash (currency) will be counted and recorded by the District Accountant. When the money is turned over for deposit, a signed transmittal will be retained by the original person turning over the cash.
d) Authorization of the School Committee is required for the opening of any bank accounts.
e) The Director of Finance and Business Operations shall not have access to post to the general ledger.
LEGAL REF: M.G.L. 71.16A
CROSS REF: BDCA Appointed Committee Officials – Treasurer
First Reading: 9/20/16 Second Reading: 10/4/16 Adopted: 10/18/16