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 Districtís 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 Districtís 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 Districtís 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 Districtís 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:

 

ō  A budget message describing the important features of the budget and major changes from the preceding year.

 

ō  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.

 

ō  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.

 

ō  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

 

Budget Adoption Procedures

 

 

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: teachersí 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 Ė comprised of the Incidental and Free Textbook Fund; Fund 2 Ė the Special Revenue fund comprised of the Teachersí Fund; Fund 3 Ė The Debt Service Fund; and

Fund 4 Ė the Capital Projects Fund.

 

All sums received from the county school fund and all sums derived from taxation for teachersí wages will be credited to the teachersí 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 teachersí 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 yearsí 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 Districtís 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 3155

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† (Regulation 3155)

Financial Management

 

Payments from Federal Awards/Cash Management

 

Payments from Federal awards will minimize the time elapsing between transfer of funds from the Fderal pass through entity and the disbursement of funds by the District to vendor recipients regardless of whether the payment is made by electronic transfer, or issuance/redemption of checks, warrants or payments.The District will make timely payment to contractors consistent with the terms of each specific contact.Advance payments of Federal funds will be deposited and maintained in insured interest-bearing accounts.Interest amounts of up to $500.00 per school year will be maintained by the District to be utilized for administrative purposes. The Districts cash management of Federal funds will be consistent with requirements ß200.305 of the Code of Federal Regulations.

 

January 2017 Copyright © 2017 Missouri Consultants for Education, LLC

 

 

FINANCIAL OPERATION††††††††††††† Policy 3160

Financial Management

Investments 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 Districtís 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 ďprudent investorĒ 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 Districtís 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 Districtís 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 Treasurerís Office.Such banks and securities dealers will have been subjected to an appropriate investigation by the staff of the State Treasurerís Office.This investigation will include, among other things, a written review of the firmís financial statements and the background of the sales representatives.All approved dealers must be fully licensed and registered FINERA 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.†††††††† Resume, reputation, and qualifications of sales representatives.

5.†††††††† Due diligence and firm references; and

6.†††††††† State government expertise.

 

The performance goals of the Districtís active investment management program, over time, should produce book yields which are greater than yields from low risk passive investments.In analyzing the results of the Districtís 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 Districtís 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 Districtís investment policy have been approved by the Board and are contained in Regulation 3160.

September 2015, Copyright © 2015 Missouri Consultants for Education, Inc.

 

 

FINANCIAL OPERATION†††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† Policy 3166

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† (Regulation 3166)

Financial Management

 

Federal Awards Ė Allowable Costs

 

The District assumes responsibility for ensuring that Federal funds have been expended and are accounted for consistent with Federal program regulations and approved applications.Costs are generally categorized as either direct or indirect.All coding of direct and indirect costs will generally follow the Missouri School Finance Accounting Manual.

 

Direct Costs

 

Direct costs include salaries, fringe benefits, purchased services, supplies and equipment.Direct charging of administrative or clerical staff costs will be appropriate only if all of the following conditions are met:

 

1.            Such costs are integral to a project or activity.

2.            Individuals involved can be specifically identified with the project or activity.

3.            Such costs are explicitly included in the budget or have the prior written approval of the Federal Award Agency.

4.            The costs are not recovered as an indirect cost.

5.            These conditions may be met using a job description along with time and effort documentation.

 

Indirect Costs

 

Indirect costs are those which are not readily identified with the activities funded by the Federal grant or contract, but are nevertheless incurred for the joint benefit of these activities and other activities and programs of the District.Accounting, auditing, personnel, budgeting, purchasing and operation/maintenance of plant are examples of services which typically benefit several activities and programs for which appropriate costs may be attributed to the Federal program by means of an indirect cost allocation plan.The indirect rate cost used in calculating the indirect cost depends on whether the grant is a restricted or unrestricted.

 

Documentation of Personnel Costs

 

Charges for salaries and wages will be based upon records that reflect the work performed.

Records are required for all employees, including teachers, paraprofessionals, administrators and other staff paid with Federal funds.These records will document the time and effort such individuals spend within the program.The portion of the federally paid salary will be reflective of the actual activity, not budgeted, the individuals has contributed for the specific Federal program.Time and effort reporting is required when any part of an individualís salary is charged to a Federal program or used as a match for a Federal program.

 

*****

January 2017 Copyright © 2017 Missouri Consultants for Education, LLC


 

 

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

 

Expenditures for Certificated Staff

 

 

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 teachersí fund on June 30 which is equal to or less than 10% of the combined expenditures for the year from those funds.

 

Or

 

Maintain or increase its fiscal instructional ratio of efficiency (FIRE) compared to the Districtís FIRE for the 1997-98 base year.

 

The Districtís FIRE is the quotient of the sum of the Districtís 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 Districtís 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 Districtís 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.

 

Cash in School Buildings

 

All moneys collected within the districtís 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 Districtís boundaries.

 

 

FINANCIAL OPERATION††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† Policy 3381

Revenue

Purchase Lease of Real Estate

 

The Board may enter into agreements in order to provide for the acquisition, construction, improvement, extension, repair, remodeling, renovation and financing of sites, buildings, facilities, furnishings and equipment for the use of the District for educational purposes.

 

Lease

 

The Board may approve a lease of sites, buildings, facilities, furnishings and equipment.

The Board may also sell or lease at fair market value any existing sites, buildings and facilities in order to acquire, construct, improve, extend, repair, remodel, renovate, furnish and equip buildings and lease back or purchase such sites, provided that any lease back to the District is not for more than one (1) year in length and will not provide for more than twenty-five (25) successive options to renew the lease under the same conditions and provided there is an agreement to convey or sell the sites, buildings or facilities and attendance improvements back to the District with clear title at the time payments have been completed.

 

The Board may make such rental payments under such leases provided that in no event shall the District become indebted in an amount in any year exceeding the income and revenue of the District for such year, plus any unencumbered balances from previous years.

 

Notice that the Board is considering such project shall be given publication in a newspaper published within the county in which all or part of the District is located which has general circulation in the area once a week for two (2) consecutive weeks, the last publication to be at least seven (7) days prior to the date of the Board meeting at which the project will be concluded and acted upon.

July 2014

 


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/designee. 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/designee.

 

Federal Award Programs

 

Travel costs, include transportation, lodging, meals, subsistence and related expenses incurred by employees who are in travel status on official business of the District.When District employees are traveling on Federal program business, automobile travel will be reimbursed at the then existing IRS mileage rate.The reasonable costs of lodging, meals and related costs will be fully reimbursed.However, such costs will be allowable only to the extent such costs do not exceed charges normally allowable by the District in its regular operations. With prior approval, commercial air travel is a covered expense, provided the air travel utilizes the least expensive, unrestricted accommodation class.

 

In addition, the Districtís Policy and Regulation 3440 are applicable except where District policies conflict with specific Federal Award Program guidelines set out herein.In such cases, Federal Award Program guidelines control.

 

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January 2017 Copyright © 2017 Missouri Consultants for Education, LLC

 

 

 


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 3470

Accounting and Reporting

Average Daily Attendance Ė Early Childhood Program

 

Pupils between the ages of three and five years old who are eligible for free and reduced lunches and who attend the early childhood education program are included in the Districtís calculation of average daily attendance.

 

The total number of threeand five year olds included in the Districtís calculation of average daily attendance must not exceed four percent (4%) of the total number of students who are eligible for free and reduced lunch between the ages of three and eighteen who are included in the Districtís average daily attendance.

 

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June, 2015 Copyright © 2015 Missouri Consultants for Education, Inc.

 

 


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 Ė 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 Districtís purchase of liability insurance does not waive the Districtís 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.