Purpose: To properly account for receipts and disbursements of Student Activity Funds
Procedure: By definition, Student Activity Funds are: “Funds which are owned, operated and managed by the student body under the guidance and direction of adults or a staff member for educational, recreational or cultural purposes. Although the Board of Education has the ultimate responsibility for student activity funds, in most cases they are not school district funds.”
Student Activity Funds are accounted for in the Student Activity Funds account using the District accounting software. The Student Activities Account is audited by an independent auditing agency annually.
Student activity funds are subject to State and Federal Purchasing Laws, including (but not limited to):
For every check written, there must be an invoice on file and if the check is greater than $6,000, a voucher signed by the vendor.
Two quotes must be obtained to purchase products or services when the aggregate cost during the fiscal year is more than $3,000.
If any public funds are used, competitive bidding is required to purchase products or services when the aggregate cost during the fiscal year is over the bid threshold.
When all funds are raised by or collected from students to support the purchase of student oriented items and materials such as field trips, yearbook, class rings, and a class gift, competitive bidding is no longer required.
Receipt of Funds:
• All funds will be collected by the Activity Advisor and submitted to the School Treasurer. These funds will be deposited within two working days into the established bank account for Student Activity Funds at PNC.
• Large balances should not be permitted to accumulate. Money should not be raised or collected unless there is a definite purpose for doing so.
• All deposited funds will be recorded by the School Treasurer in the Student Activity accounting records using the District software.
• The Student Activity Account is reconciled by the Treasurer of School Monies
Disbursement of Funds:
• All funds will be disbursed from the Business Office using the district’s accounting software and Student Activity accounts. Requisitions must be entered into the accounting system and be processed with all system required approvals.
• Each month a bank reconciliation will be prepared by the Treasurer of School Monies.
Fundraising Activities:
• The primary source of funds in the Student Activities account should be from students’ dues and/or fees. Proceeds from fundraisers are another source. The Board of Education will limit the solicitation of funds by and from the pupils of this district in order to protect pupils from unnecessary pressures and the instructional program from disruption. “Pupil fundraising” means the solicitation and collection of money by pupils, on or off school premises, for any purpose associated directly or indirectly with the school district or under circumstances in which the solicitors are identified as pupils of this district.
• Pupils may solicit and collect money on behalf of approved school organizations, provided the fundraising has been approved by the Superintendent or his/her designee. Door to door solicitation by students is prohibited. In no event shall fundraising be contingent upon student’s performance or outcome. The Board discourages incentives or other awards based upon the amount of funds raised by any student or groups of students. In no event, shall any outside fundraiser be authorized to take part in any solicitation, or in any other fundraising activity whatsoever.
Interest
• Interest earned on accounts, small donations (under $500), consolidated funds from inactive accounts and other miscellaneous revenue may be accumulated in a sub-account for use at the discretion of the Principal for students.
Accounting procedures for Student Activities and Scholarships are located in the Business Office Manual Library under Staff Links on the District website, mhrd.org.