Revenues of the school district shall be received by the board treasurer.  Other persons receiving revenues on behalf of the school district shall promptly turn them over to the board treasurer.

Revenue, from whatever source, shall be accounted for and classified under the official accounting system of the school district.  It shall be the responsibility of the board treasurer to deposit the revenues received by the school district in a timely manner. School district funds from all sources shall not be used for private gain or political purposes.

Tuition fees received by the school district shall be deposited in the general fund.  The tuition fees for kindergarten through twelfth grade during the regular academic school year shall be set by the board based upon the superintendent's recommendation in compliance with current law. Tuition fees for summer school, driver’s education, and adult education shall be set by the board prior to the offering of the programs.

The board may charge materials fees for the use or purchase of educational materials. Materials fees received by the school district shall be deposited in the general fund. It shall be the responsibility of the superintendent to recommend to the board when materials fees will be charged and the amount of the materials fees.

Rental fees received by the school district for the rental of school district equipment or facilities shall be deposited in the general fund. It shall be the responsibility of the superintendent to recommend to the board a fee schedule for renting school district property.

Proceeds from the sale or disposition of real property are placed in the fund which was used to account for the acquisition of the property.  If the District is unable to determine which fund was used to account for the acquisition of the property or if the fund no longer exists in the District, the proceeds from the sale or disposition of real property are placed in the physical plant and equipment levy fund. The proceeds from the sale or disposition of other District property are placed in the general fund.

The board may claim exemption from the law prohibiting competition with private enterprise from the following activities:

*          Goods and services directly and reasonably related to the educational mission;

*          Goods and services offered only to students, employees or guests which cannot  be provided by private enterprise at the same or lower cost;

*          Use of vehicles for charter trips offered to the public, full-or part-time or temporary students;

*          Goods and services which are not otherwise available in the quantity or quality required by the school district;

*          Telecommunications other than radio or television stations;

*          Sponsoring or providing facilities for fitness and recreation;

*          Food service and sales; and,

*          Sale of books, records, audio recordings, software, educational equipment, and supplies.

It shall be the responsibility of the superintendent to bring to the board's attention additional sources of revenue for the school district.

 

 

Approved: 01-10-00              
Reviewed:  1-09-99, 11-12-02, 12-12-05, 01-15-09, 5-14-18
Revised:  9-13-22                                                                  

 

The board may conduct an election for the authority to issue bonded indebtedness. Revenues generated from an approved bond issue shall be used only for the purpose stated on the ballot.  Revenues received from the issuing of bonded indebtedness are deposited into the capital projects fund.

Once the purpose on the ballot is completed, any balance remaining in a capital projects fund may be retained for future capital projects in accordance with the purpose stated on the ballot or any remaining balance may be transferred by Board resolution to the debt service fund or the physical plant and equipment levy fund.  Use of excess funds in the account for another purpose requires the approval of the voters in the District community.

 

 

Approved:  07-01-92             
Reviewed:  11-09-99, 11-12-02, 12-12-05, 01-15-09, 5-14-18
Revised:  9-13-22                                                      

 

School district funds in excess of current needs are invested in compliance with this policy.  The goals of the school district's investment portfolio in order of priority are:

        ∙  To provide safety of the principal;

        ∙  To maintain the necessary liquidity to match expected liabilities; and

        ∙  To obtain a reasonable rate of return.

In making investments, the school district will exercise the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use to meet the goals of the investment program.

School district funds are monies of the school district, including operating funds.  Operating funds of the school district are funds which are reasonably expected to be used during a current budget year or within fifteen months of receipt.  When investing operating funds, the investments must mature within three hundred and ninety-seven days or less.  When investing funds other than operating funds, the investments must mature according to the need for the funds.

The board authorizes the treasurer to invest funds in excess of current needs in the following investments.

        ∙  Interest bearing savings, money market, and checking accounts at the school district's authorized depositories;

        ∙  Qualified investment pools, including, but not limited to, Iowa Schools Joint Investment Trust Program (ISJIT);

        ∙  Obligations of the United States government, its agencies and instrumentalities; and,

        ∙  Certificates of deposit and other evidences of deposit at federally insured Iowa depository institutions.

It is the responsibility of the treasurer to oversee the investment portfolio in compliance with this policy and the law.

It is the responsibility of the treasurer to work with the secretary to coordinate the financial records, the financial reports, the cash flow needs, and the investment portfolio of the school district.

If the board requests it, it shall be the responsibility of the treasurer to bring a contract with an outside person to invest school district funds, to advise on investments, to direct investments, to act in a fiduciary capacity or to perform other services to the board for review and approval.  The treasurer will also provide the board with information about and verification of the outside person's fiduciary bond.  Contracts with outside persons will include a clause requiring the outside person to notify the school district within thirty days of any material weakness in internal structure or regulatory orders or sanctions against the outside person regarding the services being provided to the school district and to provide the documents necessary for the performance of the investment portion of the school district audit.  The compensation of the outside persons will not be based on the performance of the investment portfolio.

The treasurer is responsible for reporting to and reviewing with the board at its regular meetings the investment portfolio's performance, transaction activity, and current investments including the percent of the investment portfolio by type of investment and by issuer and maturities.  The report will also include trend lines by month over the last year and year-to-year trend lines regarding the performance of the investment portfolio.  It will also be the responsibility of the treasurer to obtain the information necessary to ensure that the investments and the outside persons doing business with the school district meet the requirements outlined in this policy.

It is the responsibility of the superintendent to deliver a copy of this policy to the school district's depositories, auditor, and outside persons doing investment business with the school district.

It will also be the responsibility of the superintendent, in conjunction with the treasurer, to develop a system of investment practices and internal controls over the investment practices.  The investment practices are designed to prevent losses, to document the officers' and employees' responsibility for elements of the investment process, and address the capability of the management.

 

 

Approved:  12-16-92             
Reviewed:  11-09-99, 11-12-02, 12-12-02, 01-15-09, 06-11-12, 5-14-18
Revised:  08-13-12, 7-8-19, 9-13-22

 

The board believes gifts, grants, and bequests to the school district may be accepted when they will further the interests of the school district.  The board shall have sole authority to determine whether the gift, grant or bequest furthers the interests of the school district.

Gifts, grants, and bequests shall be approved by the board.  Once it has been approved by the board, a board member or the superintendent may accept the gift, grant or bequest on behalf of the school district.

Gifts, grants, and bequests once accepted by the board on behalf of the school district shall become the property of the school district.  Gifts, grants, and bequests shall be administered in accordance with terms, if any, agreed to by the board.

 

 

Approved:  7-1-92                 
Reviewed:  10-09-95, 11-9-99, 11-12-02, 12-12-05, 01-15-09, 5-14-18
Revised:  9-13-22                                                      

 

Revenue raised by students or from student activities is deposited and accounted for in the student activities fund.  This revenue is the property of and is under the financial control of the board.  Students may use this revenue for purposes approved by the superintendent.

Whether such revenue is collected from student contributions, club dues, or special activities or result from admissions to special events or from other fund-raising activities, all funds will be under the jurisdiction of the board and under the specific control of the building principal.  They will be deposited in a designated depository and will be disbursed and accounted for in accordance with instructions issued by the superintendent.

It is the responsibility of the business manager to keep student activity accounts up-to-date and complete.

Any unencumbered class or activity account balances will automatically revert to the activity fund when a class graduates or an activity is discontinued.

 

 

Approved:  7-1-92                 
Reviewed:  11-09-99, 11-12-02, 12-12-05, 01-15-09, 06-11-12, 5-14-18
Revised:  08-13-12, 7-8-19, 9-13-22

 

The board believes online fundraising campaigns, including crowdfunding campaigns, may further the interests of the school district. Any person or entity acting on behalf of the school district and wishing to conduct an online fundraising campaign for the benefit of the school district shall begin the process by seeking prior approval from the superintendent. Money or items raised by an online fundraising campaign will be the property of the school district only upon acceptance by the board, and will be used only in accordance with the terms for which they were given, as agreed to by the board.

Approval of requests shall depend on factors including, but not limited to:

• Compatibility with the school district’s educational program, mission, vision, core values, and beliefs;
• Congruence with the school district and school district goals that positively impact student performance;
• The school district’s instructional priorities;
• The manner in which donations are collected and distributed by the crowdfunding platform;
• Equity in funding; and
• Other factors deemed relevant or appropriate by the school district.

If approved, the requestor shall be responsible for preparing all materials and information related to the online fundraising campaign and keeping school district administration apprised of the status of the campaign.

The requestor is responsible for compliance with all state and federal laws and other relevant school district policies and procedures. All items and money generated are subject to the same controls and regulations as other school district property and shall be deposited or inventoried accordingly. No money raised or items purchased shall be distributed to individual employees.

 

 

Approved: 9-13-16                
Reviewed:  5-14-18                                  
Revised: 9-13-22