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Policy Manual

6610 - Internal Funds

The purpose of this policy is to establish financial controls for the administration of the normal, legitimate activities of the student body organization.

For purposes of this policy, a "student activity fund" may include, but not be limited to co-curricular and approved extra-curricular activities such as clubs, publications, etc.

The collecting and expending of school internal funds shall be in accordance with Florida statutes, State Board of Education rules, School Board policies, the Financial and Program Cost Accounting and Reporting for Florida Schools Manual (published by the Florida Department of Education), the District school activity handbook and the school bookkeeping handbook.

Each activity covered by this policy must be recognized by the Board before monies can be collected or disbursed in the name of said activity.

The Superintendent is directed to obtain periodically a list of student activities with a brief description of their objectives, activities, and limitations of each fund.

The Board will review the list upon submission to determine if the objective of each fund serves a continuing District need.

The Board authorizes the maintenance of approved student activity funds.

The Board authorizes the Superintendent to act on its behalf to review and approve each expenditure from a student activity fund prior to disbursement. In approving an expenditure, the Superintendent shall ensure that it is related to achieving one or more of the stated purposes for which the student activity has been organized.

A charitable donation may be made to an organization or individual in accordance with the Chief Financial Officer's procedures for activity fund expenditures.

An expenditure shall not be approved if it accrues to the personal benefit of a member of the staff or a member of the student group. Monies are not to be disbursed to a school class or group for any activity or event that will occur after the students have graduated.

There shall be established in the fund(s) an account for the use of needy students to be disbursed at the discretion of the principal.

Fund raising for all student activities will be in accordance with Board Policy 5830 and Policy 9700.

All monies accumulated in the account of a specific class or activity will, upon the discontinuance of the activity, be disposed of in accordance with the recommendation approved by the Superintendent.

Each school principal shall account for the handling of all phases of internal funds and accounting in the school, use a uniform system of accounting as directed by the Superintendent and make monthly and annual reports for internal funds as directed by the Superintendent. School and internal funds shall be audited at least annually in accordance with District procedures.

Audits

School and department internal funds shall be audited at least annually by an internal auditor employed by the Board. These audits shall be based on generally accepted auditing standards, Federal and State laws and regulations, District policies, and the school activity handbook adopted by the Board.

The Superintendent shall implement administrative procedures which will ensure that all student activity funds are managed, recorded, and deposited in accordance with law and sound fiscal practice.

F.S. 1001.43

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