Number: 3.63
Title: Deposit and Handling of Monies
Effective date: December 1991
Reviewed/Re-approved: June 2014
Supersedes: 3.63
Dated: March 1990
Purpose
To define the manner in which school monies shall be handled.
Policy
1. Bank accounts shall be maintained in Board-approved banking institutions.
2. All monies received by the school are to be deposited in these bank accounts as quickly as possible.
3. Any monies in excess of immediate cash needs shall be invested as agreed by the Finance Committee.
4. A petty cash fund shall provide for payment of immediate expenses. The limit shall be agreed with the Finance Committee.
5 Insurance shall be carried to cover cash in school buildings and the transport of cash to the bank.
6. The amount of cash in the school or carried to the bank shall at no time exceed the insurance limit, which shall be agreed with the Finance Committee.
Cross-Reference: