FINANCIAL OPERATION Policy
3100
(Regulation
3100)
Financial Management
The Board
will adopt a series of policies to provide direction regarding the School
District's budget and financial affairs which reflect the educational
philosophy of the District and provide a framework in which the District’s
administration can effectively operate.
The budget
and finance processes will conform to all state and local requirements as set
forth by the State constitution, State statutes, Department of Elementary and
Secondary Education rules, and Board policies.
Good
business necessitates keeping accurate, legal and understandable records of
receipts and expenditures. It is also essential that procedures be followed
which will help to insure that the budget adopted by the Board is effective in
providing parameters for the fiscal affairs of the District.
The purpose
of the District budget and financial policies will be to provide direction for
a systematized procedure that maintains continuity from year to year and
informs the public regarding the education and financial operations of the
District.
FINANCIAL
OPERATIONS Policy
3102
Financial
Operations
Debt
Management Policy
The
debt management policy of the District is to remain in full compliance with
statutes of the State of Missouri by borrowing within the allowable limits of
no more than fifteen percent (15.00%) of the District’s assessed valuation,
which can include state assessed railroad and utility properties located within
its boundaries. It is also important
that the District exercise caution and prudence concerning its full compliance
with the rules and regulations of the United States Department of the Treasury
Internal Revenue Service (IRS) to avoid any risk of loss of the tax exempt
status of any proposed financings, as well as those currently in
existence. Generally the improper
spending of the bond proceeds is what triggers a violation of IRS regulations
and not complying with the ballot language for the projects can create problems
with the Missouri State Auditor and local patrons.
In
terms of philosophy towards the monitoring of a long term debt management
policy, the Board of Education and Administrators recognize that to achieve the
necessary 4/7 or 2/3 majority for approval by the voters of general obligation
bond issues it is likely to be much easier if no increase in the debt service
fund levy occurs. As a result, it is the
District’s practice to issue general obligation bonds with optional redemption
(call) provisions that facilitate prepayments when excessive debt service fund
balances accumulate with the goal of maintaining a constant debt service fund
levy. This policy has enabled the
District to achieve significant interest savings by issuing refunding bonds to
capture lower interest when municipal bond markets change.
On
occasion the District may consider capital facilities or equipment lease
financing programs. It is the intent to
only enter into those types of transactions when it is clear based upon reports
from the District’s Municipal Bond Underwriter that such a program is
affordable and that its implementation does not harm the overall operating
budget. If the project and lease
financing are deemed essential, but beyond the range of reasonable
affordability, the Board of Education and Administration will approach the
voters for a temporary or permanent increase in the operating levy to produce
the additional revenue.
Since
general obligation bond issues and capital facilities or equipment lease
financings happen intermittently, it presents challenges for administrators and
board members to keep fully informed about the conditions of the municipal bond
market, changing rules and regulations issued by the U.S. Treasury Department,
etc. For these reasons the Board of
Education engages the service of a municipal bond underwriter on a continuing
basis to assist the administrators and board members keep up to date and
understand what refunding opportunities exist and what actions are necessary to
preserve the existing debt service fund levy to remain on track with the long
range facilities plans.
The
Superintendent of Schools and other staff providing assistance with those
special duties are responsible to the Board of Education for carrying out this
policy.
August,
2012
FINANCIAL OPERATION Policy
3110*
(Regulation
3110)
Financial Management
Preparation of Budget
Each year
the Superintendent of Schools is required to submit to the Board of Education
for their consideration a detailed annual budget showing estimates of income
and expenditures for the ensuing fiscal year. The Board may accept, reject,
modify or request revisions of the budget, but will adopt a budget by June 30,
according to statutory provisions.
By law the
approved estimated expenditures for each fund cannot exceed the estimated
revenues to be received plus the unencumbered beginning cash balance for the
fund. After the beginning of the fiscal year, the Superintendent shall review
with the Board the adopted budget in relationship to the beginning cash
balances for each fund.
The annual budget document shall present a completed
financial plan for the ensuing budget year, and shall include at least the following
statutory requirements:
Ø A budget message describing
the important features of the budget and major changes from the preceding year.
Ø Estimated revenues to be
received from all sources for the budget year, with a comparative statement of
actual or estimated revenues for the two (2) years next preceding,
itemized by year, fund and source.
Ø Proposed expenditures for
each department, office and other classification for budget year, together with
a comparative statement of actual or estimated expenditures for the two (2)
years preceding, itemized by year, fund, activity and object.
Ø
The amount required for the payment of interest, amortization and
redemption charges on the debt of the school district.
The Board will review the financial condition of the district monthly, and shall require the superintendent to prepare a monthly reconciliation statement. This statement will show the amount expended during the month, total (to date) for the fiscal year, receipts and remaining balances in each fund. This statement will be used as a guide for projected purchasing and as a guide for budget transfers.
During the budget year, the superintendent may transfer
any unencumbered balance or portion thereof from the expenditure authorization
of one (1) account to another, subject to limitations provided by state laws
and approval by the Board.
All moneys received by the school district shall be disbursed only for the purposes for which they are levied, collected or received.
Sep 00
FINANCIAL OPERATION Policy
3110a*
Financial Management
The superintendent, working with the staff, shall prepare
a tentative budget for the next fiscal year.
This budget must be ready for Board consideration before the beginning
of the fiscal year. The Board may revise
the items contained therein, and will at that meeting adopt the portion of the
budget dealing with the salary schedule and the needed tax rate for the
district. Should the adopted budget
require an increase in the tax levy above the authorized level that the Board
may levy, the tax levy increase shall be presented to the voters for
approval. If the voters fail to pass the
tax levy increase, the budget shall be appropriately adjusted.
The Board will conduct at least one public hearing in regard to the proposed budget and taxation rate. The superintendent will present a final budget to the Board at a regular or special Board meeting before the new fiscal year begins.
Jul
96
FINANCIAL OPERATION Policy
3111
Financial Management
Fiscal Year
The fiscal
year begins annually on the first day of July and ends on the thirtieth day of
the following June.
FINANCIAL OPERATION Policy
3112
Financial Management
Budget Implementation and Transfer
The annual
budget governs the expenditures and obligation of all funds for the District.
The Superintendent/designee will establish procedures for funds management and
reporting.
No funds
may be spent which are not authorized by the annual budget. If an unanticipated
need arises, the Board may approve the Superintendent's recommendation to (1)
appropriate an amount to cover a needed expenditure from unencumbered budget
surplus from the proper fund, or (2) revise the budget to transfer funds from
one account to another as permitted by state statutes and DESE regulations.
The
Superintendent or Finance Administrator will prepare a monthly statement to
account for each month's expenditures and the total spent to date for the
fiscal year. The monthly statement will include all receipts and remaining
balances for each fund account.
FINANCIAL OPERATION Policy
3113
Financial Management
District Fund Accounts
The
District will maintain the following funds for the accounting of District
moneys: teachers’ fund, incidental fund, free textbook fund, capital projects
fund and debt service fund. The
treasurer of the District will open and maintain an account for each fund. These funds are denoted for state reporting
purposes as: General Fund, Fund 1 – comprised of the Incidental and Free
Textbook Fund; Fund 2 – the Special Revenue fund comprised of the Teachers’
Fund; Fund 3 – The Debt Service Fund; and
Fund 4 – the Capital Projects Fund.
All sums received from the county
school fund and all sums derived from taxation for teachers’ wages will be
credited to the teachers’ fund. All
tuition fees, state moneys received under d162.975 and 163.031, and all other
sums received from the state except as otherwise provided in this policy will
be credited to the teachers’ fund and incidental funds at the discretion of the
Board. The portion of state aid received
by the District pursuant to d163.031 which is included in the operating levy
for school purposes will be credited to the debt service or capital projects
funds. Sums received from other
Districts for transportation and sums received from taxation for incidental
expenses will be credited to the incidental fund. Sums apportioned for free textbooks will be
credited to the free textbook fund. All
sums received from taxation or received from any other source for the erection
of buildings, building additions, remodeling, or reconstruction, furnishing,
for the payment of lease purchase obligations, for purchase of real estate, for
sale of real estate or personal property, from insurance, from sale of bonds
other than refunding bonds will be credited to the capital projects fund.
Sums received from taxation for
the retirement of bonds and the payment of interest on bonds will be credited
to the debt service fund. Receipts from
delinquent taxes will be credited to individual funds on the same basis as
receipts from current taxes. However,
where such distribution of receipts from delinquent taxes would affect the
previous years’ obligations, distribution to the various funds will be based on
the levies for the years in which the obligations were incurred. All refunds will be credited to the fund from
which the original expenditure was made.
Sums donated to the District will be credited to the fund from which it
can be expended to meet the purpose of the donation. Sums received from any other source will be
credited to the fund designated by the Board.
FINANCIAL OPERATION Policy
3120
Financial Management
Petty Cash
A petty
cash fund is a small amount of money ($100.00 or less) that is managed by an
administrator in order to purchase small amounts of supplies or cover
unanticipated small expenses, such as materials or refreshments for emergency
meetings or unexpected guests. The petty cash fund may have been obtained with
a requisition to the District Finance Office, raised by a P.T.O., or from a
student or community fund‑raising event. The designated administrator is
accountable for this fund. Funds collected in excess of $100.00 must be
processed immediately for proper deposit and are not to be held at a school
site.
The petty
cash fund must be used for school purposes (purchase of emergency supplies) and
must be documented with receipts. If an administrator accrues out‑of‑pocket
expenses, a requisition for reimbursement should be submitted on a monthly
basis with back‑up information and receipts.
Teachers
may not make petty cash purchases without the prior approval of an
administrator.
Petty cash
should not be used as a short cut to obtain supplies except in an emergency or
in cases where very small items make it impractical to order through channels.
FINANCIAL OPERATION Policy 3130
Financial Management
State and Federal Projects
With Board
of Education approval, the School District may operate various specially funded
programs that must be administered in accordance with particular federal and/or
state laws, regulations and other conditions for use of such funds.
The
Superintendent shall be the designated District official responsible for
coordinating funded projects, administering programs and ensuring that the
various departments operating these programs do so within the guidelines of the
particular program. The administration shall keep accurate and separate
records, as required by state and federal programs, to enable the District to
verify program compliance and success. The Superintendent shall keep the Board
fully informed.
Staff
involvement will be solicited by the administration in the planning,
implementation and evaluation of programs authorized and approved within the
guidelines of Title I of the Improving American Schools Act of 1994 and/or
other significant legislative enactments. The vehicle for such involvement
shall be determined by the administration, with the approval of the Board of
Education.
FINANCIAL OPERATION Policy
3140
(Regulation 3140)
Financial Management (Form
3140)
Banking Services
The Board of Education has the option of annually selecting District
funds depositaries or the Board may enter into a contract of one to five years
duration for the deposit of District funds.
When depositaries are to be selected, the District will receive
sealed proposals from banking institutions in the county in which the District
is located or in adjoining counties.
In order to open new bank accounts
in the District’s name, the Superintendent and the Treasurer must sign the account
authorization. Wire transfers of funds
into District accounts must be authorized in writing by the Superintendent and
Treasurer or other individual authorized by the Board. In both instances, the Superintendent may
appoint a designee to sign for creation of new accounts and for wire transfers. However, such appointment must be in writing.
Nov 05
FINANCIAL OPERATION Policy
3150
Financial Management
Payment Procedures
All money
received by the District shall be disbursed only for the purposes for which
they are levied, collected or received.
The Board
will give final approval to all bills paid. Payment of bills shall be
authorized by the Superintendent/designee, only after verification of delivery
and satisfaction by the department or staff receiving the item(s). No payment
for goods or services shall be made unless both an itemized invoice showing the
name of the person or firm to whom payment is due is presented, and a receiving
document bearing the signature of an authorized school employee is on file.
Furthermore, the invoice must have been issued in response to an approved
purchase order.
The
Superintendent/designee shall audit all claims, and shall submit all invoices
to the Board for approval and authorization for payment. However, payments for materials or services
which are necessary for normal business operations which do not individually
exceed $500 or exceed an aggregate monthly amount of $10,000 may be authorized
by the Superintendent/designee. In
addition, if cash discount or avoidance of financial penalty can be achieved,
the Superintendent/designee is authorized to issue a check. In all such cases, the identity and amounts
of such payments will be provided to the Board at the next regular meeting
following payment. The Board will
consider such payments and ratify the action taken.
FINANCIAL OPERATION Policy
3160
(Regulation
3160)
Financial Management
Investment of District Funds
The Board
has an obligation to the citizens of the District to direct the management of
District funds. The primary objective of the District’s investment plan will be
legality, safety, liquidity, yield and the provision of a capital base for
future needs. In the management of such
funds, the District adheres to the “prudent investor” rule. Investments will be made with judgment and care,
under the circumstances which persons of prudence, discretion and intelligence
exercise in the management of their own investments. Funds will be managed for investment, not for
speculation considering the safety of the funds invested and the probable
income to be derived.
District
personnel, including Board members, who are involved in the investment of
District funds, will not engage in any personal business activity which could:
1. Impair their ability to make impartial
decisions concerning investment of District funds;
2. Conflict with proper execution of the
District’s investment program; or
3. Create an appearance of impropriety.
District
employees and directors involved in investment of District funds will disclose
any material interests in financial institutions in which they conduct
business. Such disclosure will include,
but not be limited to any personal financial/investment positions that could be
related to the performance of the District’s investment portfolio. Similarly, District employees and directors
involved in investment of District funds will not engage in personal investment
transactions with the same individual with whom business is conducted on behalf
of the District.
Investments
will be made through banks or securities dealers who have been approved by the
Investment Committee of the State Treasurer’s Office. Such banks and securities dealers will have
been subjected to an appropriate investigation by the staff of the State
Treasurer’s Office. This investigation
will include, among other things, a written review of the firm’s financial
statements and the background of the sales representatives. All approved dealers must be fully licensed
and registered NASD Brokers/Dealers or exempt banks. Criteria used to select securities dealers
include:
1. Financial strength and capital adequacy
of firm;
2. Services provided by firm;
3. Research service available;
4. Résumé, reputation, and qualifications
of sales representatives;
5. Due diligence and firm references; and
6. State government expertise.
The
performance goals of the District’s active investment management program, over
time, should produce book yields that are greater than yields from low risk
passive investments. In analyzing the
results of the District’s investment program, the District will calculate the
book yield and total rate of return on District funds compared to the
appropriate security market indexes.
The
Superintendent/designee will direct the preparation of quarterly investment
reports providing a summary of the District’s current investment portfolio and
all transactions executed since the last report.
Such
investment reports will be prepared by the appropriate bank(s) or security
dealers for review by the Board and the Superintendent. Investment reports are considered to be
public records and will be made accessible to the public.
Criteria
and procedures implementing the District’s investment policy have been approved
by the Board and are contained in Regulation 3160.
FINANCIAL OPERATION Policy
3170
Financial Management
Purchases By and/or Solicitation of School Staff
Conflict of Interest
The School
District will not purchase supplies or materials from a staff member of the
School District, nor from a member of the household of
the staff member, except in emergency situations as determined by the
Superintendent of Schools. Neither will the District purchase supplies,
materials or services from a member of the Board of Education or from a member
of his/her household, or from a firm in which he/she holds a major interest.
Endorsements
Employees
of the District will not endorse products or services in such a manner that
will identify the employee as an employee of the School District.
Procurement Activities
In any
purchasing activities all employees shall refrain from soliciting, discourage
the offer of, and decline gifts if offered by any vendor wishing to do business
with, or who is doing business with the School District. Instead of making an
offer of gifts, the vendor should be encouraged to discount the price of the
goods to the school.
Solicitation/Distribution
The
advertising of sale or distribution of any goods or service on school property,
for any school activity, shall have prior approval from the building principal
or Superintendent. This includes but is not limited to: school personnel,
students, parents/guardians, relatives, general public and commercial
businesses.
Solicitations of School Staff
Agents, solicitors, and salespersons will be denied the
privilege of seeing the school staff during the school day except with
permission of the administration.
FINANCIAL
OPERATION Policy
3180
Financial
Operations
Procurement
of Professional Services
The
Board of Education and the Administrators recognize that some professional
services are necessary on certain occasions to assist in the governance of the
District. These services include
attorneys to provide legal counsel with specific expertise regarding education
policy matters, architects, certified public accountants to annually audit the
financial statements of the District and to provide answers to questions that
arise during the course of the fiscal year.
Similarly, it may be necessary to obtain financial advisory services to
monitor the long range debt objectives of the District, as well as, bond
counsel to address questions that arise with existing debt and various reports
occasionally sought by the Missouri State Auditor and the United States
Treasury branch of Internal Revenue Service and others.
While
in some instances it may be possible to seek bids for the financial services
and bond counsel each time a need arises, there are also numerous benefits to
maintaining longer term relationships with specific professionals. Having a
satisfactory relationship with a professional service provider includes fair
pricing, timely delivery, dependable and sound advice concerning areas of
expertise, a personality match with administrators and board members and
numerous other factors. As long as the board members and administrators are comfortable
with the quality of services provided, it is not essential that annual bidding
occur merely to drive prices to their lowest level. By losing historical memory of any
professional service provider, the District may in the long run incur more
expense for the new firm to educate their representatives. On other occasions if the administrator
expresses belief that service quality is slipping, expenses and fees are
escalating at unacceptable levels, or any other non
favorable working situation is developing, nothing in this policy is
intended to preclude seeking proposals from other vendors offering similar
services. The Board of Education and
Administration believes that the collective expertise within the District is
sufficient to judge if and when seeking alternative providers is prudent.
FINANCIAL OPERATION Policy
3210
Payroll
Payroll Deductions
Payroll
deductions may be made for the following purposes:
1. To meet legal requirements.
2.
Insurance
premiums charged by the insurance company which is currently providing
coverage
purchased by the School District.
3.
Deductions for annuity contributions at the employee's option, provided however, that the payments are to be made
to: (1) a company for which the school is currently making deductions; (2) the
company with which the school has group health insurance coverage.
4.
Other items as may be agreed upon by the District and
the employee.
FINANCIAL OPERATION Policy
3230
(Form
3230)
Payroll
The
District will expend for tuition, teacher retirement, and compensation of
certificated staff a percentage of current operating costs that is no less than
two percentage points less than the base school year certificated salary
percentage
Or
Have an
unrestricted fund balance in the combined incidental and teachers’ fund on June
30 which is equal to or less than 10% of the combined expenditures for the year
from those funds.
Maintain or
increase its fiscal instructional ratio of efficiency (FIRE) compared to the
District’s FIRE for the 1997-98 base year.
The
District’s FIRE is the quotient of the sum of the District’s current operating
costs plus the cost of improvement of instruction and the cost of purchased
services and supplies for operation of the facilities housing those programs,
and excluding student activities divided by the sum of the District’s current
operating cost for kindergarten through grade twelve, plus all tuition revenue
received from other districts minus all noncapital transportation and school
safety and security costs.
FINANCIAL OPERATION Policy
3310
Revenue
Revenue from Tax Sources
Local Tax Sources
In the
process of preparing the annual budget, the Superintendent or Finance
Administrator shall estimate the amount of actual local tax revenue anticipated
to be raised, the rate required to produce the amount,
and the rate needed to support the principal and interest payment on bonded
indebtedness and general financial obligations of the District. The
Superintendent shall recommend the appropriate tax rate to the Board of
Education for approval.
If required,
the Board shall submit to the voters a proposition for increase in the tax rate
beyond the current approved level if it is deemed necessary to obtain increased
revenue to meet projected District expenses. State law and Article X, Section
11C of the Missouri Constitution shall govern tax election procedures.
State Tax Sources
All state
funds will be accepted for the operation of the District as provided by
entitlement by law and through regulations of the Missouri State Board of
Education or Missouri Department of Elementary and Secondary Education.
The
Superintendent or District Finance Administrator is responsible for filing all
required reports and forms to obtain state funds to which the District is
entitled to receive according to developed rules and regulations.
FINANCIAL OPERATION Policy
3320
(Regulation
3320)
Revenue
Taxing Authority/Tax Rate Hearing
The Board
will annually prepare an estimate of the amount of money to be raised by
taxation for the ensuing school year, the tax rate required to produce the
amount and the rate necessary to sustain the District’s schools for the ensuing
year, to meet principal and interest payments on the bonded debt of the
District, and provide funds to meet other legitimate District purposes. The District will forward the estimate to the
county clerk on or before September 1.
FINANCIAL OPERATION Policy
3330
(Regulation
3330)
Revenue
Bonded Indebtedness
The School
Board may issue bonds for any District expenditures as prescribed in state law.
Funds raised through the sale of bonds may be expended only for the purpose set
forth in the election which authorized the sale.
FINANCIAL OPERATION Policy
3331
Revenue
Borrowed Funds
State law
authorizes the Board to borrow funds in anticipation of the collection of taxes
in order to insure continuity in the operations of the District. The School
Board must approve in advance all applications for loan indebtedness. The
amount borrowed and the repayment of notes payable shall be within guidelines
as established by state law and rules and regulations of the Missouri
Department of Elementary and Secondary Education.
FINANCIAL OPERATION Policy
3340
Revenue
Building Use
All
receipts from fees for the use of school property by individuals or community
groups shall be deposited in the General Revenue fund.
FINANCIAL OPERATION Policy
3350
Revenue
Student Fees and Fines
Fees
No fees
shall be charged for enrollment, supplies, equipment or costs attributable to
courses of study which are offered for credit. Students shall be required to
pay for materials which are used in constructing projects or other items which
are to be removed from the school and are thereby the property of the student.
All projects constructed at school with materials provided by the school are
the property of the District and therefore shall not be removed from school
unless approved by the appropriate administrator.
Students
may be charged fees or admission for participation in activities which are
voluntary, such as attendance at school athletic or other co‑curricular
events. The fee schedule for such events shall be submitted to the Board of
Education for approval annually.
Fines
Every
effort shall be made to protect the financial resources of the District by
collecting all payment for student fines, lost or damaged textbooks, damage or
vandalism to school property. Collected fines shall be deposited in the
appropriate account in order to charge replacement costs for books, materials,
equipment or repaired property to the appropriate budget item.
FINANCIAL OPERATION Policy
3360
Revenue
Tuition
Except when
waived, tuition must be paid by nonresident students of the District. The
annual rate will be determined by the Board of Education for individuals who
wish to attend. Permission to enroll will be granted after reasons for
requesting admission have been reviewed and after it has been determined that
class enrollments are not excessive.
FINANCIAL OPERATION Policy
3370*
Revenue
Fund-Raising
All
fund-raising activities and planning for fund-raising shall be done after
school hours unless prior permission is received from the building principal.
Any
fund-raising activity which involves students or employees shall require the
approval of the building principal and Superintendent. Involvement is defined as: any activity which
advertises the school, students or school organization.
All moneys collected within the district’s schools shall
be handled in a proper fiscal manner and prudently safeguarded.
Money
collected for any purpose will be submitted to the school principal or
designee, who will provide for its proper deposit. Money should never be left in a desk or
classroom. When a teacher or other
school employee collects money from pupils for any purpose, that employee shall
be held responsible for that money until the employee turns it over to a person
responsible for receiving and depositing money.
Feb 99
FINANCIAL OPERATION Policy
3380
(Regulation
3380)
Revenue
Sale/Lease of Real Property
The Board
of Education may vote to sell or lease real property, land, and/or buildings
which are no longer needed by the District and which are located within the
boundaries of the District. Similarly,
the Board may vote to sell such real property located outside of the District’s
boundaries.
FINANCIAL OPERATION Policy
3390
Revenue
Sale/Lease of Personal Property
Whenever
the District has personal property (i.e., desks, file cabinets, materials,
equipment) which the District no longer needs, a majority of the Board may vote
to sell or lease such surplus property.
Surplus personal property may be sold or leased to a city, state agency,
municipal corporation, or other governmental
subdivision of the state which is located within the boundaries of the District
for public purposes at a mutually agreed price and upon notice to the public. In the alternative, the District may sell or
lease such surplus personal property to the highest bidder. Public notice of the sale or auction of
surplus personal property will be published once a week for two consecutive
weeks in a general circulation newspaper published within the county in which
the District is located. The sale itself
will occur as scheduled by the Board at least seven (7) days after the final
published notice. The proceeds from the sale or lease of surplus personal
property will be placed in the capital projects fund.
FINANCIAL OPERATION Policy
3410
Accounting and Reporting
Accounting System
The
District will adhere to the accounting guidelines of the Missouri Department of
Elementary and Secondary Education.
FINANCIAL OPERATION Policy
3420
Accounting and Reporting
Annual Report
The
District annually publishes a statement of all receipts of school moneys, when
and from what source derived, and all expenditures and the account from which
expenditures were made. This statement
will also include the present indebtedness and the nature of such indebtedness
as well as the rate of taxation for all purposes for the year. Such statement will be attested by the
president and secretary of the Board and forwarded to the State Board of
Education. This financial statement will
be published on or by September 1, in a newspaper located within the District
or generally circulated within the District.
FINANCIAL OPERATION Policy
3430
Accounting and Reporting
Authorized Signatures
The School
Board president and treasurer shall sign all checks issued by the District.
According to state statutes, if approved by the Board of Education, facsimile
signatures may be printed on District checks.
FINANCIAL OPERATION Policy
3440
(Regulation
3440)
Accounting and Reporting
Travel and Reimbursement
It is the
policy of the Board to pay reasonable travel expenses for those who travel on
District business and whose trip has been approved in advance by the Superintendent.
These expenses include registration, transportation, meals, lodging, tolls, and
parking charges. Expenses are reimbursed only when properly accounted for by an
individual and approved by the Superintendent.
FINANCIAL OPERATION Policy
3450
(Regulation
3450)
Accounting and Reporting
Sales Tax
Pursuant to
Chapter 144, R.S.Mo., school districts are exempt
from Missouri sales and use tax on purchases. All sellers or vendors shall be
furnished a copy of the official State of Missouri Tax Exemption Letter by the
Finance Office at the time a purchase order is delivered.
Administrators,
teachers, or other school staff who have been authorized to make purchases for
the District from local retail dealers will provide a copy of the tax‑exempt
letter to such dealer at time of purchase.
District
representatives are prohibited from using the District tax‑exempt letter
for purchase of articles for personal use.
FINANCIAL OPERATION Policy
3460
Accounting Reporting
Student Attendance Accounting
An accurate
accounting of student attendance, transportation and food service records shall
be kept by the School District. The records will be in accordance with state
law and appropriate regulations of the Missouri Department of Elementary and
Secondary Education.
Building
principals/supervisors will be responsible for maintaining student attendance
accounting, and for submitting monthly reports of such records to the
Superintendent, who will in turn be responsible for preparing reports to be
submitted to the appropriate state offices.
FINANCIAL OPERATION
Policy
3510
Auditing
Annual Audit
The books
and accounts of the District will be audited by an independent certified public
accountant in conformance with the prescribed standards and legal requirements.
The Superintendent shall place before the Board the matter of the retaining of
a certified public accountant. The auditor shall be selected by the Board. The
audit shall be presented to the Board for examination.
The
Superintendent will be responsible for filing copies of the audit with the
proper authorities as prescribed by law.
FINANCIAL OPERATION Policy
3610
School Activities Funds
Management
School
activity funds are used to finance a program of student activities which
supplement but do not take the place of the instructional programs provided by
the Board of Education. Whether funds are collected from student contributions,
club dues, special activities, or result from admissions to events or from
other fund‑raising activities, all funds will be under the jurisdiction
of the Superintendent and building principals. The funds will be expended to
benefit students currently enrolled in school. The management of the funds will
be in accordance with good business practices, including sound budgetary and
accounting procedures, and will be audited in the same manner as District
funds. There shall be full disclosure of the sources and expenditures of all
funds.
FINANCIAL OPERATION Policy
3710
Insurance
Insurance Programs
The Board
of Education shall maintain adequate insurance programs to cover property,
liability and personnel, within the requirements of good risk management and state
law. The administration will recommend to the Board the kind and amount of
property, casualty and/or liability insurance needed for the protection of the
District property, employees, and Board of Education, and will administer
insurance authorized by the Board, unless otherwise directed.
Every
effort shall be made to obtain insurance at the most economical cost consistent
with required service by obtaining quotations or by negotiations, whichever
method is advantageous to the District.
The
District will maintain coverage on all buildings and capital outlay contents.
Coverage should be 100% without coinsurance if available.
Liability
coverage should include comprehensive general liability, employee benefits
liability, vehicular liability and school board legal liability. (See also
Policy 3730 – Liability Insurance.)
FINANCIAL OPERATION Policy
3730
Insurance
Liability Insurance
The Board
recognizes that legal actions may be initiated from time to time against the School
District as a corporate entity, against the Board as a whole, against Board
members as individuals, or against District officers, employees or other
agents. The Board also recognizes the contribution that is rendered to the
students of the District by volunteers and is mindful that legal actions may be
initiated against these individuals as well.
To protect
members of the Board, District officers, employees, other agents and volunteers
in the performance of their duties and responsibilities, the Board will defend
its Board members, officers, employees, other agents and volunteers against
claims for suits arising out of the performance of their duties and
responsibilities. The Board shall indemnify its Board members, officers,
employees, other agents and volunteers against all financial liability or loss
resulting from such claims or suits including judgments for damages, attorney's
fees, fines, court costs and amounts paid in settlement of such matters and
reasonable and customary ancillary costs. Ancillary costs may include, for
example, travel expenses incurred by Board members or others if they must
appear for a case that is being tried outside the area.
The
protection provided by this policy shall apply on an occurrence basis, which
means that an individual will be indemnified even though he/she is no longer a
member of the Board of Education or employed by or otherwise associated with
the District when the lawsuit is filed.
The Board
reserves the right, however, to deny representation and indemnification to any
person covered by their Board policy in any instance in which there would be no
coverage under the District applicable liability insurance program in which the
claim "results in civil judgment or criminal conviction for" an intentional
tort, immoral conduct, violation of any criminal or civil statute or violation
of Board policy or regulations or administrative order or directive, whether
verbal or written.
As a
prerequisite to the right of legal representation and indemnification, any person
who is served with legal notice commencing any action or proceeding against
him/her for which indemnification is sought is required to immediately notify
the Superintendent of the legal action after receipt of such legal notice.
The District shall maintain a
program of self-insurance and/or insurance coverage sufficient to provide the
legal defense and indemnification described in this policy. However, the District’s
purchase of liability insurance does not waive the District’s
entitlement to sovereign immunity.
FINANCIAL OPERATION Policy
3740
Insurance
Bond For All Employees
All
employees of the School District shall be covered by a blanket bond in an
amount to be determined by the Board of Education with premiums to be paid by
the Board.