A. Bank accounts will be issued via the Town Treasurer at a bank with a branch in Lexington.
a. All accounts shall be interest bearing as allowable under banking services selected by theTown Treasurer;
b. Two Accounts shall be established:
i. Savings/Depository Account:
1. There will be no maximum amount set for the savings/depository account.
2. All receipts shall be deposited with the Town Treasurer and credited against abuilding designated student activity savings/depository account.
ii. Checking Account: Each school principal will be provided with a checking account for expenditure purposes.
1. The maximum a school can have in its checking account at any time for an Elementary School, $3,000; Middle School maximum, $10,000; and High School maximum, $25,000.2. No individual check or series of checks from the Student Activity Checking Accounts shall be written over $3,000. Vendors owed more than this amount by contract or agreement shall have deposits made mid-contract/agreement payments made timely through the Town Warrant process or use the district credit card procedures. Writing multiple checks to circumvent this clause will cause the checking account to be frozen and check writing privileges to be revoked.3. Deposits into the checking account shall be made under the direction of the Town Treasurer.
i. All expenditures shall be reported and recorded under the Town's financial system and follow all other school committee policies that apply and be submitted to School Accounting Manager timely;
ii. Expenditures from the savings/depository account are encouraged since these will pass through the warrant process prior to the check being issued.iii. Expenditures from the checking account, while discouraged are necessary in the following circumstances: Town warrant process will not meet payment deadline, Town procurement card will not be accepted, and attendance is unknown until day of event. Documentation of checks written shall be submitted to the Finance Office within three business days of the check being written.
B. Reporting and Record Keeping:
a. The School Business Administrator shall provide a Student Activity Manual to all employees upon hiring and distribute updates to all employees as necessary providing guidelines and procedures for all aspects of this policy;b. Principals, faculty, and staff shall comply with this policy, and the guidelines and procedures provided in the Student Activity Manual.c. Principals shall submit monthly reconciliations to the School Finance Office for all banking activity within 30 days of receipt of the monthly bank statements. The School Finance Office will reconcile all banking activity against the town financial system and submit full reconciliation package to the Town Treasurer.d. The School Business Administrator shall conduct an annual internal audit of each Student Activity Account to document compliance with this policy.
C. The Superintendent must approve all student organizations requiring student activity accountsunder each building fund.
a. Students will follow the requirements for forming a student organization under School Committee policy.b. Students will recommend the establishment of Student Activity Accounts to the buildingPrincipal.c. The Principal, in turn, will make a recommendation to the Superintendent of Schools.d. The accounts must be specific to a student organization.e. Discretionary or commingled accounts will not be allowed under this policy.
D. The interest earned and any audited undesignated fund balance in each school's student activity fund shall remain in the account and be recorded as a separate line item by the building Principal. These funds shall be used to cover the following expenditures without requiring further approval from the School Committee:
a. To cover the cost of periodic outside audits of the accounts;b. To purchase forms and supplies related to maintaining the student activity agency account by the school;c. To reimburse the Town or pay directly for any banking fees associated with the accounts, or the acceptance of credit cards, or other online payment option that may become available;andd. To cover the cost of a student(s) attending a class or school function when students are charged for such but the district financial assistance policy determines the family is unable to cover such expenses.