CFD(LOCAL) - ACCOUNTING: ACTIVITY FUNDS MANAGEMENT

Fiduciary Responsibility

The Superintendent, principal, and sponsor, as applicable, shall be responsible for the proper administration of District and campus activity funds and student activity funds in accordance with state law and local policy, District-approved accounting practices and procedures, and the TEA Financial Accountability System Resource Guide.

Student Activity Funds

The Superintendent or designee shall ensure that student activity accounts are maintained to manage all class funds, organization funds, and any other funds collected from students for a school-related purpose. The principal or designee shall issue receipts for all funds prior to their deposit into the appropriate District account at the District depository.

Student activity funds shall be included in the annual audit of the District's fiscal accounts. [See CFC]

Use and Expenditure

Funds collected by student groups shall be used only for purposes authorized by the organization or upon approval of the sponsor. The principal or designee shall approve all disbursements. All funds raised by student organizations must be expended for the benefit of the students.

District and Campus Activity Funds

The Superintendent shall establish regulations governing the expenditure of District and campus activity funds generated from vending machines, rentals, gate receipts, concessions, and other local sources of revenue over which the District has direct control. Funds generated from such sources shall be expended for the benefit of the District or its students and shall be related to the District's educational purpose, which includes, but is not limited to, recruiting and retaining qualified employees and enhancing employee morale. Funds from these sources may properly be expended to purchase small gifts; plaques; flowers for funerals, weddings, or retirements; staff appreciation luncheons; and similar activities.

Approval

Approval from the immediate supervisor or designee shall be obtained prior to a disbursement being made to any employee, including the principal.

Carryover Funds

All funds shall be left in the appropriate account, and each sponsoring group shall retain the carryover funds for the next fiscal year. If an organization ceases to function or exist, the unexpended funds of the organization shall be credited to the appropriate administrative activity account.

Senior Class Funds

In consultation with the senior class, the senior class president shall make a decision on the disposition of any senior class funds, after all outstanding bills have been paid, remaining in the class account at the end of its senior year. The principal shall provide to the senior class president several recommendations on how the remaining senior class funds can be used to purchase an item for the school or the District. The senior class president, in consultation with the senior class, shall select from the principal's recommendations. If no decision is made prior to the last day of regular classes, then the principal shall select from the original recommendations. The outgoing senior class shall no longer have proprietary interest in the funds after the last day of regular classes.

Tahoka ISD

CFD(LOCAL)-X

LDU 2015.04

DATE ISSUED: 11/4/2015