The Board of Education may establish 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 Treasurer 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.

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