NORTHFIELD BOARD OF EDUCATION FILE CODE: R1230 Northfield, New Jersey Monitored Mandated X Other Reasons Regulation
A. Fund-raising by school-connected organizations
The board of education appreciates the fund-raising efforts of parents/guardians’ organizations, whose gifts have enriched the district’s educational program. In order to comply with applicable law and sound accounting practices, all fund raising for the benefit of the district is subject to the following regulations:
- No organization may engage in fund raising on behalf of the district or a particular district program without the advance approval of the board of education;
- All funds and property raised on behalf of the district or a particular district program are held in trust for the pupils of the district. They are not the property of the fund-raising organization;
- All books, accounts, and financial records of a fund-raising organization must be available for inspection, upon request, by the district’s auditors and by officials of the state department of education.
B. Fund-raising procedures and reporting of school-connected organizations.
1. All school-connected organizations must submit to the Superintendent a calendar of anticipated fundraising activities for the upcoming school year. Board approval is required prior to the commencement of all fundraising activities.
2. All deposited funds shall be recorded and include the date of receipt, source of receipt, the total amount of the deposit, and the activity to which it is credited.
3. All deposits should be made within 48 hours and verified by at least two (2) officers.
4. All funds shall be recorded and disbursed from the established checking account on the authority of the officers and must be supported by a receipt and a claim or company invoice.
5. All checks should be signed by at least two (2) officers.
6. All funds shall be reconciled to the bank statements monthly by the Treasurer of the organization or designee.
7. At the conclusion of each fundraising activity the organization shall submit a report of receipts and disbursements related to the activity and the final profit of said activity to the Board of Education.
8. At the end of each fiscal year the organization shall submit an annual report to the Board of Education of the prior year activity results and what the monies raised were spent for and/or earmarked for.
9. At no time shall the school-connected organization use “gate sales” for expenditures. All monies collected should be deposited within 48 hours and all expenditures shall be made through an approved purchase arrangement. (As described within the organization’s bylaws).