Wayne Trace Local School District
Administrative Guidelines
 

6610 - STUDENT ACTIVITY FUNDS
 A.Collection and Deposit of Cash
  All money collected from any source should be substantiated by prenumbered student activity group receipts, cash registers supplying cumulative readings, prenumbered tickets or other auditable, checkable records. In all cases, where tickets are used, ticket reports and unsold tickets must be available for audit. The audit trail is most important. Where it is not practicable to collect the cash in a central office, collections from various classes may be collected by cashiers and turned into the Treasurer within twenty-four (24) hours.
  If cash registers are used for the collection of monies, the following conditions shall apply:
  1.registers are sealed without resettable totals
  2.total reconciles with the sales
  3.tickets or tapes supporting "over-rings" are retained
  4.all voids or adjustments are approved
 B.Financial Forms
  1.should be prenumbered
  2.perpetual inventory should be maintained on prenumbered collection forms, receipts, tickets, etc.
  3.prenumbered forms should not be printed in the school printing department
  4.sponsor should keep records of collections, by source
  5.no collection should be turned over to cashier without receiving a prenumbered receipt
 C.Disbursements
  All disbursements shall be made by check (warrant), prepared by the Treasurer, supported by a proper, approved requisition and purchase order, and verified by a receiving invoice. They also should be verified for accuracy of price extensions and totals.
 D.Purchase Order Process
  The purchasing procedure and the payment of claims procedure described in AG 6320A shall be used for all purchases from student activity funds.
  Small expenditures (within established dollar limitations) may be made from a petty cash fund maintained on an imprest system (described in Supplement 17 - USAS Manual). Such imprest system must address dollar amount, location, limitation of disbursement; also cash plus receipts must always equal the amount authorized for petty cash.
 E.Auditing
  The State Department of Education requires an annual audit of student activity funds. The State Auditor recommends that at the end of each school year, an internal audit be conducted in order to verify compliance with Board policies, receipts, expenditures, cash on hand, petty cash, and to balance all ledgers and journals with the depository. A copy of this audit should be on file in both the Treasurer's and Superintendent's Office. All organizational records and internal audit working papers should also be retained in the Treasurer's Office so that they may be audited.
  Each activity fund established under Section 3315.062, Revised Code, will be audited at the same time the examination of the records and accounts of the District is made or at such other time as needed or as requested by the Board. The audit shall include a determination as to whether legal requirements, including those imposed by the Board, are being followed.
 F.Management of Funds
  1.Fund 200
   The Fund 200 consists of those student activity programs which have student participation in the activity and have students involved in the management of the program. This includes those student activities which consist of a student body, student president, student treasurer, and faculty advisor. The Fund 200 is a fiduciary fund-type trust fund classification.
  2.Fund 300
   The Fund 300 consists of those programs which have student participation in the activity but do not have student management of the programs. This would usually include athletic programs but could also include the band, cheerleaders, flag corps, and other similar types of activities. The primary criterion for determining how funds are classified is "who determines how the money is spent?" The Fund 300 is a governmental fund-type special revenue classification.
 G.Establishment and Maintenance of Student Activity Funds (see Form 6610 F1)
  In compliance with the laws of the State for the establishment and maintenance of a student activity fund the following regulations shall govern each such District fund:
  1.The gross amount of monies received and paid out in connection with student activity funds subsidized by the Board shall be recorded through the general Board accounts.
  2.Each student activity organization or group which has financial transactions shall establish an account on the District records in which it shall record its transactions.
  3.Advisors or sponsors shall be selected at the direction of the Board and their duties shall consist of preparing the annual budget and purpose clause of their activity group, supervising the activities of their group including preparation of fund-raising potentials, maintaining group financial oversight, and such other duties as assigned by the principal or Superintendent.
  4.Student-activity funds shall not be used for any purpose which represents an accommodation, loan, or credit to Board employees or other persons. Postdated checks may not be accepted and checks may not be cashed for anyone.
  5.Board employees or others may not make purchases through a student body in order to take personal advantage of student-body purchasing privileges.
  6.No student-activity organization shall be obligated for purchases made by students, faculty, and/or others unless supported by a written purchase order signed by the Treasurer.
  7.Monthly and annual financial reports of all student-activity funds are to be prepared by the Treasurer and submitted to the Board. A copy of such reports shall also be sent to the sponsor of each activity.
  8.Fund-raising projects for any student activity shall, in general, contribute to the educational experience of students and shall not conflict, but add to, the instructional program.
  9.All sales projects or programs must be approved by the principal at least two (2) weeks prior to the sale or event.
  10.All sources of revenue must be approved by the Treasurer, on behalf of the Board, and shall be included in the student-activity group's current-year budget. Receipts and expenditures must be coded by USAS Classification.
   a.Records shall be maintained of the receipt and disbursement of all such monies in accounts according to the activity involved.
   b.Disbursements shall be made by check only upon the request of a staff advisor and the approval of the principal and the Treasurer.
  11;No purchase may be made unless there is sufficient cash in the fund to pay for that purchase, plus outstanding orders. Where insufficient funds exist, a request for transfer from the General Fund may be made to the Treasurer.
  12.Disbursements from the fund are not exempt from bidding statutes; therefore, contracts for material or supplies whether on purchase or rental may be made for a one year period only by the Treasurer following applicable bidding policies of the Board and the statutes of the State.
  13.All funds should be of an exchange nature and large balances should not be permitted to accumulate. Money should not be raised or collected unless there is a definite purpose for doing so.
  14.Installment and lease purchases are prohibited.
   All funds accumulated in the name of a specific class or discontinued activity must be withdrawn from that account within one year following the graduation of said class or discontinuance of such activity in order to meet any outstanding bills and any residual funds shall revert automatically to the account of the next graduating class.
   In no event shall a balance be divided among members of the class.
  15.All monies collected should be deposited with the Treasurer or in a designated depository within twenty-four (24) hours of collection or the next business day following the last business day of that week.
  16.All expenditures from a student-activity fund shall be in accordance with the approved budget. Authorization for an expenditure must be accompanied by an approved requisition processed by a formal purchase order, and certified by the Treasurer that funds are available for the expenditure.
 H.Establishment and Maintenance of Athletic Funds (Student Activity Funds)
  1.The Athletic Director shall be responsible for the approval of requisitions for expenditures of funds.
  2.Purchase orders for goods and services purchased through the athletic fund will be approved by the Superintendent.
  3.No athletic fund organization shall be obligated for the purchases made by students, faculty, and others, unless such purchase is supported by a written purchase order signed by the Treasurer.
  4.Disbursements from the athletic fund will be made by check and approved by the Treasurer.
  5.At the conclusion of each athletic program, the coach/advisor shall, within two (2) weeks, submit an inventory of all equipment and supplies to the Athletic Director.
  6.All athletic fund-raising activities shall be approved by the principal.