NORTHFIELD BOARD OF EDUCATION FILE CODE: 3290 Northfield, New Jersey
The Northfield Board of Education desires that all funds be invested in financial papers to obtain the highest interest rate available.
The board reserves to itself the final authority for investment of public funds.
Delegation of Responsibility
A. The business administrator, as general accountant of the board, shall have sole authority to invest funds in financial institutions or other instruments which will maximize earned interest. He/she shall be guided by all applicable statutes.
B. Funds shall be invested in bonds or other instruments of either the federal, state or local governments, school districts, and approved public depositories within the State of New Jersey.
C. Liquidity shall be maintained by the business administrator to insure prompt payments of claims or demands against the board.
D. All earned interest on investments shall be combined with the general revenue of the board.
E. The business administrator shall report, monthly, the investments outstanding.
F. The board also requires that the business administrator report to the Superintendent of Schools and the board on a monthly basis the amount of funds in investments, the interest earned to date, the type and amount of each investment and the interest earned on each account.
Adopted: No Date NJSBA Review/Update: October 2009; December 2010 Readopted: October 24, 2011
Bookkeeping, Accounting, Generally Accepted Accounting Principles
Legal References: N.J.S.A. 18A:4-14 Uniform system of bookkeeping for school districts
- 18A:17-8 Secretary; collection of tuition and auditing of accounts
- 18A:17-35 Records of receipts and payments
- 18A:22-8 Contents of budget; program budget system
- 18A:34-2 Care and keeping of textbooks and accounting
- 6A:23A-8.1 et seq. Budget submission, support documentation, website publication
- 6A:23A-16.1 et seq. Double Entry Bookkeeping and GAAP Accounting in Local School Districts
Handbook 2R2 – Financial Accounting for Local and State School Systems
File Code: 3290
|Cross References:||*3100 *3326 *3400||Budget planning, preparation and adoption Payment for goods and services Accounts|
|*3450 *3451 *3453 *3570 3571 *3571.4||Money in school buildings Petty cash funds School activity funds District records and reports Financial reports Audit|
*Indicates policy is included in the Critical Policy Reference Manual.