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)).
UTAH MONEY MANAGEMENT ACT COMPLIANCE POLICY
(Proposed March 2014)
The district complies with all provisions of the Utah Money Management Act and Rules of the State Money Management Council. The district, schools, and programs may only use authorized bank and investment accounts and are required to follow the policy adopted by the Board for authorized bank and investment accounts.
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.
RULES OF THE STATE MONEY MANAGEMENT COUNCIL:
RULE 2: Investment of Funds of Public Education Foundations established under Section 53A-4-205 or funds acquired by gift, devise or bequest.
RULE 4: Bonding of Public Treasurers
RULE 10: Rating Requirements to be a Permitted Depository
RULE 11: Maximum Amount of Uninsured Public Funds Allowed To Be Held By Any Qualified Depository
RULE 13: Collateralization of Public Funds
R628-15: Certification as an Investment Adviser
RULE 16: Certification as a Dealer
Rule 17: Limitations on Commercial paper and Corporate notes
Rule 18: Conditions and Procedures for Use of Interest Rate Contracts
Rule 19. Requirements for the use of Investment Advisers by Public Treasurers