Student activity funds (funds derived from students’ activities) shall be audited annually along with other district funds and shall be administered, expended, and accounted for according to rules of the State Board of Education.
|NORTHFIELD BOARD OF EDUCATION
|FILE CODE: 3453
|Northfield, New Jersey
|STUDENT ACTIVITY FUNDS
All payments for supplies, equipment and services shall be made in accordance with established purchasing procedures.
The student activity funds for each school shall be kept in separate accounts, supervised by the building principal. Separate and complete records shall be maintained for each student organization. All receipts from student fund-raising projects, athletic events, and other events for which admission is charged will be deposited promptly. Bank deposits shall agree with the receipts in the case receipt book and shall be traceable to definite receipts or groups of receipts.
Disbursements must be made by check on the authority of the building principal and supported by a claim, bill or written order to persons supervising the fund. Checks shall bear two or more authorized signatures, the business administrator and the board president or vice president. All disbursements shall be recorded chronologically showing the date, vendor, check number, purpose and amount.
Borrowing from the student activity accounts is prohibited.
An account shall be submitted monthly to the business administrator and shall include a listing of all receipts and disbursements. Book balances shall be reconciled with bank balances. Cancelled checks and bank statements shall be retained for examination as part of the annual audit required by law and code.
NJSBA Review/Update: October 2009; December 2010 Adopted: October 24, 2011
School Activity Funds, Athletic Funds, Class Funds
Legal References: N.J.S.A. 18A:19-14 Funds derived from student activities
N.J.S.A. 18A:23-2 Scope of audit
N.J.A.C. 6A:23A-16.1et seq. Double Entry Bookkeeping and GAAP Accounting in
Local See particularly: School Districts
Cross References: *3280 Gifts, grants and bequests
*3450 Money in school buildings
3571 Financial reports *3571.4 Audit *5136 Fund-raising activities
*Indicates policy is included in the Critical Policy Reference Manual.