The Board of Education directs the establishment of a trust and agency fund for the financial administration of scholarship and other trusts operated for the benefit of students and duly approved by the Board.

The Business Manager shall be responsible for the administration of the trust and agency fund. The fund will be audited annually and will be administered under appropriate accounting controls. The books of account will record income and expenses separately for each approved area.

The Board shall be informed about any contributions to the trust and agency fund.

Disbursements from the fund may be made by check upon the approval of the Superintendent. Checks shall be signed by the signatories approved by the Board.