Manistee Area Schools
Bylaws & Policies
 

6670 - TRUST AND AGENCY FUND

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 Superintendent 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.

Contributions in excess of $1,000 to the trust and agency fund require prior Board approval. Lesser gifts may be accepted by the administration.

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.