2338 - Student Activities Funds Management
2338 Student Activities Funds Management 2338
The Milford School Board authorizes the establishment of Student Activity Funds. Such funds shall be organized and managed consistent with the provisions of this policy.
Student activity funds may be raised and spent to promote the general welfare, education of the student body and/or the extracurricular activities of student clubs, groups and organizations.
The Principal of the school shall be responsible for the proper administration of the financial activities of the Student activities fund in accordance with state law and requirements of the Business Administrator. The Principal is charged with establishing administrative regulations to carry out the provisions of this policy.
Student activity accounts are subject to auditing at any time by the Business Administrator or his/her designate.
A. Funds Raised By Clubs and Organizations
The purpose of student activity funds is to promote the general welfare, education of the student body and to finance the normal, legitimate co-curricular activities of the various student body organizations in the Milford School District.
- The Milford School District shall have the authority to authorize those activity
programs. These accounts will be managed by the respective school principal in
accordance with the standards set forth in the NH Financial Accounting
Handbook for Local Education Agencies and requirements of the Business
Administrator.
- It is recognized that student participation is an important factor in the
management of money raised by the student body and expended for its benefit.
- The projects for the raising of student activity funds shall, in general, contribute
to the educational experience of pupils and shall add to, not conflict with, the
instructional program. Maintaining school accounts which are not relative to
student activities is strictly prohibited.
- Student activity funds shall, to the extent possible, be expended in such a way
as to benefit those pupils who have contributed to the accumulation of such
money.
- Student activity funds shall not be used for any purpose that represents an
accommodation, loan or credit to the School District employees or other
persons. Employees of the School District or others may not make purchases
through a student body activity account in order to take personal advantage of
student body purchasing privilege. Furthermore, these funds are not for staff
activities (principal funds, sunshine funds, etc.). Funds collected for staff
activities shall not be commingled with student activity funds.
- No student organization shall be obligated for purchases made by students, staff
or others unless supported by a written request signed by the appropriate
student organization program manager. The authorization for an expenditure
may only take place when funds are available for the specific student
organization making said request. All transactions must be supported by
appropriate written documentation which meets the standards of the annual
School District audit.
- Monthly financial reports for the student activity funds shall be prepared by the
principal and submitted to the Business Office. Financial reports shall be
available to each participating student organization on a regular basis.
B. Class Funds
The disposition of class funds shall be treated the same as any other activity account. The moneys accrued shall be designated for expenses, projects, or other selected items. The balances, if any, shall be released within one year following graduation, in the names of at least two class officers for class purposes. The designated class officers shall receive their authorization from an official vote of the class membership. The official minutes from said meeting will allow the principal to disburse the funds after graduation along with a final accounting of the funds. Both parties will sign a mutual release form as prescribed by the Superintendent of Schools.
C. Internal Controls
The School District recognizes its obligation to maintain a system of internal controls to prevent fraud and waste, ensure accuracy of the accounting data, promote adherence to stated policies, and secure conformity with applicable laws. The elements of control shall include but not be limited to: management responsibility, reasonable assurance, limitations, segregation of functions, transaction documentation, and access to records. The Superintendent of Schools or his/her designee shall maintain written procedures to be followed by everyone involved in the handling of student activity accounts. Said administrative guidelines may change from time to time to accommodate system needs. Nonetheless, the purpose of the guidelines shall always be to ensure that the student activity accounts conform to the NH Financial Accounting Handbook for Local Education Agencies and have adequate internal controls in place to safeguard these
funds.
Adopted: 2/2020