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SCHOOL ACTIVITY FUNDS
FILE CODE: 3453
X Other Reasons
School activity funds (funds derived from pupils' activities) shall be audited annually along with other district funds and shall be administered, expended, and accounted for according to rules of the State Board of Education.
The school activity funds for each school shall be kept in separate accounts, supervised by the building principal. All receipts from pupil fund-raising projects, athletic events, and other events for which admission is charged will be deposited promptly. Disbursements must be made by check signed by the principal or other authorized administrator and supported by a claim, bill or written order to persons supervising the fund. Checks shall bear two or more authorized signatures. All disbursements shall be recorded chronologically showing the date, vendor, check number, purpose and amount.
Separate and complete records shall be maintained for each pupil organization. Bank deposits shall agree with the receipts in the case receipt book and shall be traceable to definite receipts or groups of receipts.
Borrowing from the school activity funds is prohibited.
An account shall be submitted monthly to the board secretary and shall include a listing of all receipts and disbursements. Book balances shall be reconciled with bank balances. Cancelled checks and bank statements shall be retained for examination as part of the annual audit required by law and code.
In no case shall money be left overnight in schools except in the school safe provided for safekeeping of valuables. Lost money shall be replaced by the person responsible, depending upon the circumstances.
Date: December 18, 1989
NJSBA Review/Update: January 2008
Readopted: June 23, 2008
N.J.S.A. 18A:19-14 Funds derived from pupil activities
N.J.S.A. 18A:23-2 Scope of audit
N.J.A.C. 6A:23-2.1et seq. Double Entry Bookkeeping and GAAP Accounting in Local
See particularly: School Districts