Purpose: To establish policy and procedures for the handling of cash receipts and deposits, to include currency, coin, checks, ACH transactions, and credit card transactions.
Scope: This policy applies to all school and district operations, administration, licensed educators, staff, students, organizations, and individuals that handle cash receipts or accept payment in any form on behalf of the district or any school. The scope includes all activities and locations where funds are collected.
Segregation of Duties: Wherever possible, duties such as collecting funds, maintaining documentation, preparing deposits and reconciling records should be segregated among different individuals. When segregation of duties is not possible due to the small size and limited staffing, compensating controls such as management supervision and review of cash receipting records by independent parties should be implemented.
Definition: "Public funds" are defined as money, funds, accounts, regardless of the source from which the funds are derived, that are owned, held, or administered by the state or any of its political subdivisions, including LEAs or other public bodies (Utah Code 51-7-3(26)).
AUTHORIZED BANK & INVESTMENT ACCOUNTS POLICY
(Proposed March 2014)
The District follows the requirements of the Utah Money Management Act (Section 51,chapter 7 of the Utah Code) in handling its depository and investing transactions. The District considers the actions of the Utah Money Management Council to be necessary and sufficient for adequate protection of its bank deposits and investments. District funds are deposited in qualified depositories as defined by the Act. District and school bank and investment accounts must meet all provisions of the Utah Money Management Act.
The primary objectives, in priority order, of investment and banking activities shall be:
1. Safety: Safety of principal is the foremost objective of the investment program. Investments shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. The goal will be to mitigate credit risk and interest rate risk.
2. Liquidity: The investment portfolio shall remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated.
3. Return: The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints of safety and liquidity needs.
Electronic transfer of funds between bank and investment accounts shall follow reasonable and compliant internal control procedures established to meet the three primary objectives explained above, in order of priority.
Bank and investment account reconciliations shall follow reasonable and compliant internal control procedures to protect and safeguard public funds.
Utah Treasurer - Required Deposit & Investment Reports. Periodically, the Utah Treasurer's Office requires the district to provide information regarding all bank and investment accounts for compliance purposes. The district shall provide these reports with all necessary information. In addition, these reports shall be provided to the Board and Audit Committee for their review.
All bank and investment accounts used in the district must be approved through the district’s Board of Education. Only qualified depositories with the State Treasurer’s office (Money Management Act Compliance) may be used. The following accounts are the authorized bank and investment accounts within the district: