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Policy 6020

System of Funds and Accounts

The district shall maintain a system of funds with the county treasurer in accordance with state law and the accounting manual approved by the state superintendent of public instruction.

The district shall maintain a system of bank accounts as follows:

A. A district general fund imprest bank account,

B. An associated student body imprest bank account for each school having an associated student body organization approved by the board, and

C. Petty cash accounts in such numbers as are necessary to meet the petty cash needs of the schools and divisions of the district. The board may authorize the establishment of such accounts. Each petty cash account shall be approved by the board. A custodian shall be appointed for these accounts who shall be independent of invoice processing, check signing, general accounting and cash receipts functions. If this separation of functions is not feasible, another employee who is independent of those functions shall be responsible for reviewing the management of each account.

Legal References:
RCW 28A.320.330 School funds enumerated — Deposits — Uses
RCW 28A.325.010 Fees for optional noncredit extra curricular events—Disposition
RCW 28A.325.020 Associated student bodies — Powers and responsibilities affecting
RCW 28A.325.030 Associated student body program fund – Fund-raising activities – Nonassociated student body program fund moneys
RCW 28A.335.060 Surplus school property – Rental, lease or use of – disposition of moneys received from
RCW 28A.505.140 Rules and regulations for budgetary procedures — Review when superintendent [SPI] determines budget irregularity — Revised budget, state board’s financial plan until adoption
RCW 39.44 Bonds — Form, Terms of sale, Payment
RCW 42.17.130 Forbids use of public office or agency facilities in campaigns
RCW 43.09.200 Division of municipal corporations — Uniform system of accounting
RCW 43.09.210 Division of municipal corporations — Separate accounts for each fund or activity
WAC 392-123 Finance — School District Budgeting
WAC 392-138 Finance — ASB Moneys State Auditor Bulletin #301, III(E), Petty Cash

 

 

La Center School District Adopted: February 27th, 2007

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