The School Board of Miami-Dade County
Bylaws & Policies
Unless a specific policy has been amended and the date the policy was revised is noted at the bottom of that policy, the Bylaws and Policies of the Miami-Dade County Public Schools were adopted on May 11, 2011 and were in effect beginning July 1, 2011.
 

6140 - DEPOSITORY ACCOUNTS

 

A.

Demand Accounts – Non-School Departments

     
 

1.

Demand Accounts shall be maintained only at School Board-designated and State-approved Qualified Public Depositories.

   

2.

Request for proposals on the Board's banking relationships shall be solicited, at least once every three (3) to six (6) years. Proposals received will be evaluated by a committee which may include members of the Treasury Advisory Committee. A recommendation from the committee will be presented to the Superintendent for submission to the Board.

   

3.

Balances in demand accounts shall be maintained at a minimum whenever possible to generate additional interest revenue.

   
 

Self-insurance plans shall maintain demand accounts, in compliance with Board policy and Florida statutes, to operate such program.

   

4.

Opening and closing of demand accounts shall require two (2) signatures. These two (2) signatures shall be that of the Superintendent or designee and the Chief Financial Officer.

   

5.

Certain demand accounts shall be maintained with minority banks that are State-approved and Board-designated depositories. Balances maintained in each of these accounts shall be the same amount at each minority institution. The Board reserves the right to limit participation and amounts deposited in any accounts. Funds to be deposited in these accounts, which shall be non-interest bearing, shall be those funds for Federal and local grants. The U. S. Department of the Treasury's list of minority financial institutions, published periodically, shall be used to identify those eligible institutions.

 

6.

Policies & procedures for the collection of checks, money orders and cash by non-school departments are documented in the Office of Treasury Management’s Procedures Manual. Non-school departments shall include these policies and procedures in each respective department’s procedures manual. The policies shall include, but are not limited to the following:

   
 

a.

Preferred use of ERP Accounts Receivable module invoicing with direct remittance of payment to the Office of Treasury Management.

   

b.

All other collections must be remitted to the Office of Treasury Management in a timely manner along with appropriate supporting documentation. Collections of checks or money orders are preferred over collections of cash.

   

c.

Departments collecting cash on site or through the Office of Treasury Management must first get approval from the Office of Treasury Management.

   

d.

All persons paying by cash through the Office of Treasury Management are to be directed to the Office of Treasury Management along with documentation indicating amount and purpose of collection.

     
 

B.

Demand Accounts – School Sites

     
 

1.

Demand accounts shall be maintained only at Board-designated and State-approved depositories.

   

2.

Schools must follow the policies and procedures found in the Manual of Internal Fund Accounting approved by the Board.

   

3.

School must only provide the Board Approved Internal Funds Bank Resolution form to the bank. No other bank resolution should be signed by the Principal.

 

4.

When opening new bank accounts, the schools must complete the Request to Open or Replace Bank Authorization form (FM-2741). The school must remit the appropriate copy to the bank along with the Board Approved Internal Funds Bank Resolution form provided by the Office of Treasury Management.

F.S. 136, 280, 1001.42(12)(d), 1010.53(1), 1011.18
F.A.C. 6A-1.0012