| Beecher Community Schools |
| Bylaws & Policies |
6144.01 - ELECTRONIC TRANSFER OF FUNDS
The Board recognizes the importance of utilizing electronic transfer capabilities and Automated Clearing House Association (ACH) systems to send and receive financial records, data, reports, and for transferring money to and from various accounts that are related to the business of the District. The Superintendent and the shared timed Director of Finance are annually appointed by the Board to enter into written agreements with financial institutions, governmental agencies and businesses for the purpose of implementing this policy. All agreements will be signed by the Superintendent and will be implemented in accordance with State and Federal law.
The Board will annually appoint the shared timed Director of Finance to serve as the Electronic Transactions Officer for the District. The Electronic Transactions Officer is responsible for implementing the District’s Automated Clearing House (ACH) agreements, including payment approval, accounting, reporting, oversight, and compliance with this policy.
Automatic Clearing House (ACH) agreements will be presented to the Board for approval after the Board has approved a resolution authorizing the electronic transaction for the following items:
| A. | Direct deposits of payroll | |
| B. | Employer and employee contributions to the Michigan Public School Employees Retirement System | |
| C. | Employer tax liability for Federal Income Tax withheld, State Income Tax withheld, and FICA and Medicare withheld | |
| D. | Employer tax liability for FICA and Medicare | |
| E. | State Aid payment | |
| F. | Financial institution transfers between District accounts |
Additional items will be presented to the Board Finance Committee and the Board prior to the implementation of a transmittal by Automated Clearing House (ACH) transaction.
The Superintendent will develop administrative guidelines related to the implementation of the policy. The guidelines will include written verification and signature of at least two (2) persons for receipting of incoming payments and processing outgoing payments.
Adopted 7/18/07