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JJF

JJF:  STUDENT ACTIVITY ACCOUNTS

 

 

A student activity is defined as c-curricular and extracurricular activities as specified in Committee policy JJ.  Fundraising activities are defined as specified in Committee policy JJE.  Student funds may be raised to finance the activities of authorized student organizations. Student activity funds consist of funds generated by student organizations and fundraising activities and district and are subject to policies established by the School Committee and the office of the Superintendent. The funds shall be managed in accordance with the Committee’s fiscal management policies and acceptable accounting principles and procedures, as completed by an independent certified public accounting firm with costs first funded by the interest income accumulated in the student activity account(s).

 

In compliance with Massachusetts General Law Chapter 71, Section 47, the School Committee:

 

1.                  Authorizes the principals to accept money for recognized student activity organizations which currently exist or as from time-to-time may be revised.

 

2.                  Authorizes the Town Treasurer to establish and maintain a Student Activity Agency Account(s) which is to be audited as either a) part of the Town's annual audit or b) no less than three (3) yars as an agreed-upon procedures engagement.  Interest earned by such student activities account shall be retained by the fund and the Committee shall determine for what purpose such earnings may be used.  Priority of such aforementioned interest shall be given to the agreed-upon procedures engagement by and independent CPA firm.   

 

3.                  Authorizes Student Activity Checking Accounts for use by the principals with balances per checking account not to exceed $10,000.  Any increase, whether temporary or permanent, is subject to the approval of the Committee prior to engaging in such activities.

 

4.                  Directs principals to provide the Treasurer with a bond in an amount agreeable to the Treasurer.

 

5.                  Directs the Superintendent or designee to conduct internal reviews with the Director or Finance and Operations (or equivalent position) no less than quarterly.

 

Account balances will not exceed $10,000.00, and any increase in this limit will require approval of the School Committee. The district requires an audit conducted by an outside accounting firm every two to three years.

 

LEGAL REF.:  M.G.L. 71:47

CROSS REF:  JJE, JJA, SECTION D, JJ

 

Adopted on:     April 10, 2008

Revised on:       January 14, 010

 

Subpages (1): JJFA
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