FINANCIAL OPERATION Regulation
3100
The following procedures or actions shall
be taken:
1. The
Missouri Financial Accounting Manual published by the Missouri Department of
Elementary and Secondary Education shall be adopted for financial accounting.
2. All
receipts, including student activity funds, shall be deposited in the School
District account as provided by law. There shall be no separate accounts of any
organization, individual, or department for funds collected or received in
connection with any school activity or program.
3. All
expenditures shall be paid by check except that a petty cash fund of $200.00
shall be kept by the Secretary of the Board for purposes of payment of
obligations for which no charge account can be arranged. A descending
ascending register shall be maintained showing all petty cash transactions.
Also, consecutively numbered receipts shall be maintained whereby all
expenditures shall be described relative to amount, date, and purpose, with all
receipts being attached to the voucher to be approved by the Board. All
receipts shall be signed by the person disbursing and receiving petty cash from
the fund.
4. The
Superintendent shall formulate administrative procedures to facilitate the
orderly expenditure and receipt of funds. The Superintendent is empowered to
purchase for the District within limits as set forth by the budget approved by
the Board of Education; however, purchases of single items with a unit cost of
$1,000.00 or more shall be approved by the Board, except for emergency items
which are necessary to prevent interruption of school operations.
5. The
District accountant shall maintain student activity accounts for various
classes and organizations. Upon graduation any funds which remain in the
account of the graduating class shall be transferred to the Student Council
Account.
FINANCIAL
OPERATION Regulation 3110
Financial
Management
Preparation of
Budget
On
or before the first Thursday in March of each year, the Superintendent shall
prepare and submit to the Board for its consideration a preliminary draft of
the annual budget covering salaries of the teachers, principals, and other
employees, and an estimate of other current expenses for the next fiscal year
together with an estimate of the income or revenue available and necessary for
the purpose of fixing the annual levy to be submitted to the voters according
to the law.
After
the beginning of the fiscal year in July, the Superintendent shall prepare and
present to the Board for its consideration a detailed annual budget covering
all estimated expenditures for the ensuing fiscal year in accordance with the
levy authorized by the voters. The
aggregate estimated expenditures shall not exceed ninety-eight percent (98%) of
the estimated income plus any fund balances carried forward from the previous
fiscal year. This annual budget, with
such changes or additions as the Board may desire to make, shall be adopted by
the Board on or before the first Thursday of September of each year.
Income
Estimates
of income are based on previous receipts, information such as new legislation,
new programs and phasing out of present programs; interest rates; tax rate
(less 3% uncollectible); and free textbook money. Unencumbered balance is defined as the
end-of-fiscal year balance minus anticipated expenditures between July 1st
and November 1st.
Expenditures
Budget
expenditures are to reflect the needs and priorities of the District’s programs. By law, the expenditures cannot exceed the
estimated revenue to be received plus any unencumbered balance.
FINANCIAL OPERATION Regulation
3140
(Form
3140)
Financial Management
Banking Services
For purposes of letting bids, the Board will divide District funds into
no less than two nor more than ten equal parts.
Each eligible bidder may bid for any number of the parts. However, the bid for each part must be
separate. Notice that bids for depositary
of District funds will be received will
be published in a newspaper within the county which publishes at least five
times per week or, if no such
publication exists, then notice will be published in a newspaper of general
circulation within the county. Notice
that bids will be received will be published at least twenty days prior to the
date designated for acceptance of bids.
Each eligible bidder is required to deliver to the secretary of the
Board a sealed bid stating the rate of interest or the method by which the
interest will be determined for the term of up to five years as specified in
the notice to bidders. Each bid must be
accompanied by a certified check drawn upon a county bank or a bank in an adjoining
county made out to the District in an amount of no less than two thousand five
hundred dollars. The bidder’s certified
check is required as a guaranty of good faith that if selected as depositary,
it will deposit the required security.
Bids will not be disclosed prior to opening at a public meeting.
On the date designated for acceptance of bids, the Board/designee will
publicly open each bid and will verbally read and document each such bid. After discussion and after any clarification
of bids, the board will select the successful bidder(s) for each fund part let
for bid. Upon award of the depositary
bid(s), the security checks will be returned to all bidders. The Board reserves the right to reject any
and all bids. Depositary contracts may
be terminated at any time by the mutual agreement of the Board and the
depositary.
Interest
on funds deposited will be computed on the daily balance and will be payable on
the first day of each month to the treasurer of the District for credit of the
District. No later than the fifth day of
each month, the District’s depositary(s) will provide to the secretary of the
Board a written accounting of the interest paid by the depositary on District
funds.
District funds will be deposited in the name of the District. No funds may be withdrawn except by a legally
drawn check bearing the signatures of the president and the treasurer of the
Board or by wire transfers executed by a person designated by the Board to
execute such transfers.
FINANCIAL
OPERATION Regulation
3155
Financial
Management
Payments from
Federal Awards/Cash Management
Cash Management
Procedure
In
order to ensure compliance with Cash Management Improvement Act (CMIA), the
following procedures have been implemented:
1.
The
individual District Manager for each Federal grant will review and prepare each
payment request to ensure compliance with CMIA and related regulations.
2.
The
District’s financial officer will, as an additional check, review the payment
requests prepared by the Federal grant manager to ensure compliance with
federal and state regulations.
3.
Payment
requests will be made for each Federal program on a monthly basis. If the amount to be requested in any month is
$500.00 or less, the District’s financial manager may elect to carry over the
sum until the succeeding month.
4.
All
Federal funds will be documented by an individual program and tracked by the
District’s financial officer.
5.
The
District’s financial officer will monthly track Federal funds as individual
expenditures in the District’s general ledger.
6.
The
District’s financial officer will have initial responsibility to ensure overall
compliance of cash management requirements.
The District’s external auditor will monitor utilization of Federal
funds to ensure compliance with federal and state cash management requirements.
FINANCIAL OPERATION Regulation
3160
Financial Management
Investment of
District Funds
In
achieving the District’s investment objectives, District officials will be guided
by the following criteria:
1. Legality – District funds will be
invested only as permitted by the Constitution and Statutes of the State of
Missouri as well as federal law and applicable federal regulations. Investments outside the legal requirements
will not be permitted.
2. Safety –
Safety of the District funds is the foremost objective of the District’s
investment program. Investments will be
made in a manner that seeks to ensure the preservation of capital.
3. Liquidity
– The District’s investments will remain sufficiently liquid to meet all
operating requirements that may be reasonably anticipated. Of necessity, District investments will
consist largely of securities with active secondary or resale markets.
4. Yield –
District investments will be designed with the objective of obtaining a market
rate of return throughout budgetary and economic cycles. However, rate of return is less important
than realizing the safety and liquidity objectives.
The
following categories of investments are authorized for investment of District
funds:
1. Time
Deposits – Funds may be invested as provided in Board Policy and Regulation
3140 – Banking Services, and as authorized by the State Treasurer’s Office.
2. Linked
Deposits – Funds deposited can be invested at a minimum rate of 2% and must be
100% collateralized with approved securities.
3. United
States Securities
a. U.S.
Government Agency Coupons and Zero Coupon Securities – Bullet coupon bonds with
no embedded options and with final maturities of five (5) years or less.
b. U. S. Government Agency Discount Notes
– Purchased at a discount with maximum maturities of one (1) year.
c. U.
S. Government Agency Step-Up Securities – The coupon rate is fixed for an
initial term. At a coupon date, the
coupon rate rises to a new, higher fixed term.
This provision is restricted to securities with final maturities of five
(5) years or less.
d. U. S. Government Agency Collateral
Securities – Restricted to securities callable at par only with final
maturities of five (5) years or less.
e. U. S. Government Agency Floating Rate
Securities – The coupon rate floats off one index and resets at least quarterly
with final maturities of three (3) years or less.
f. U. S. Government Mortgage Backed
Securities – Restricted to securities with stated final maturities of five (5)
yeas or less.
4. Commercial Paper – Investments are
limited to paper which has received the highest letter and numerical ranking
(Al/P1) as provided by Standard & Poor’s and Moody’s. Issues are limited to corporations that are
organized and operating in the United States and have a total commercial paper
program in excess of $500,000,000 and have long term debt ratings, if any, of
“A” or better from Standard & Poor’s and Moody’s. Such purchases may not exceed 180 days to
maturity.
5. Banker’s
Acceptances - Issuing banks for such bills of exchange or time drafts must have
the highest letter and numerical rating by Standard and Poor’s and
Moody’s. Such banks must be organized
and operating in the United States.
Banker’s acceptance agreements may not have maturity dates exceeding 180
days.
6. Repurchase
Agreements – Such agreements must be purchased through approved broker/dealers
and may not be entered into for periods in excess of ninety (90) days. Approved broker/dealers must have a signed
Public Securities Association Master Repurchase Agreement on file with the
State Treasurer’s Office. Overnight and
open repurchase agreements must be collateralized at 101% with approved
securities. Term repurchase agreements
must be collateralized at 102% with approved securities. The market value of all repurchase agreement
collateral will be reviewed at least weekly to determine collateral adequacy.
1. Leveraged Borrowing for Investment
Purposes – Leveraging is prohibited whether through a reverse repurchase
agreement or otherwise.
2. Use of
“Structured Note” – (e.g. inverse floaters, leveraged floaters, and
equity-linked securities) are not permitted.
Investment in any instrument, which is commonly considered a
“derivative” instrument (e.g. options, futures, swaps, caps, floors, and
collars) is prohibited.
3. Contracting
to sell securities not yet acquired in order to purchase other securities for
purposes of speculation on developments or trends in the market is prohibited.
All
deposits placed in financial institutions must be at least 100% collateralized
with approved securities. All
securities, which serve as collateral against the deposits of a depository
institution must be safekept at a nonaffiliated custodial facility. Depository institutions pledging collateral
against deposits must, in conjunction with the custodial agent, furnish the necessary
custodial receipts.
District
investment will be diversified to minimize the risk of loss resulting from over
concentration of assets in specific maturity, specific issuer, or specific
classes of securities. At a minimum
District investments will fall within the following minimum and maximum
allocations.
U.S. Treasuries/Securities 0% 95%
having principal and interest
guaranteed with the U.S.
Government
U.S. Government Agencies 0% 70%
and Government-sponsored
Enterprises
U.S. Government Agency 0% 15%
Callable Securities
U.S. Government Floating 0% 15%
Rate Securities
Commercial Paper and 0% 40%
Banker’s Acceptances
Repurchase Agreements 3% 50%
Internal
Controls
In
keeping with the emphasis the Board has placed in ensuring the safety of public
funds, the District will maintain and enhance its internal controls of
funds. Every reasonable effort will be
made to minimize the potential for loss of funds from fraud, employee error,
misrepresentations by third parties, unanticipated changes in financial markets
or imprudent actions by employees.
Investments that are downgraded below the minimum acceptable rating
levels will be reviewed for possible sale within a reasonable time period. At least quarterly, the District’s
investments will be revalued to reflect prevailing market prices.
Internal controls to achieve investment safety include, but are not
limited to:
1. Separation of duties;
2. Separation of transaction
authority from accounting and record keeping;
3. Custodial safekeeping;
4. Clear delegation of
authority;
5. Written confirmation of
telephone transactions;
6. Documentation of
transaction strategies;
7. Monitoring of ethics
and conflict of interest provisions provided in this policy/regulation.
The
Superintendent/designee will direct preparation of a report at least quarterly
to the Board concerning the current status and performance of the District’s
investments. The quarterly investment
report will include but not be limited to:
1. Investment
type, issuer, maturity, par value, and dollar amount invested in all securities
and monies held by the District.
2. Funds or
investments managed by contracted parties.
3. Market value as of the date of the
report and the source of valuation.
4. Citation
of compliance with the District’s investment policy/regulation or an
explanation for noncompliance.
5. Statement
of the ability or inability to meet expenditure requirements for six (6)
months, as well as an explanation of why funds will not be available if that is
the case.
6. Statement
of the percentage of the District total investments which comprise each
category of the investment set out herein.
7. Rating
levels for commercial paper and bankers acceptances.
The
quarterly investment report will be delivered at an open session of a regular
meeting of the Board. A copy of the
District investment policy/regulation will be provided to each outside manager
of District investment funds. Commitment
to compliance with this policy/regulation will be a precondition for initial
placement of District funds. Adherence
to District policies/regulations will be condition for continued retention as a
manager of District funds.
Sept.
2015
FINANCIAL
OPERATION Regulation 3165
Procurement
Standards – Federal Contracts
Procurement
Standards – Federal Contracts
Conflict of
Interest
The District
maintains a written code of standards of conduct which governs the performance
of District employees who may be engaged in the award and administration of
contracts. These standards will include a prohibition against employees
who are involved in the selection, award or administration of a contract
supported by Federal funds, if a conflict of interest, real or apparent, would
be involved.
A conflict of
interest would arise if a District board member or employee, any member of
their family, their partner, or an organization which employs or is about to
employ any of the parties named in this paragraph, has a financial or other
interest in the firm selected for the award.
Neither District
board members, nor employees will accept gratuities, favors, or anything of
monetary value from contractors, potential contractors or parties to
sub-agreements. This rule will not apply to gifts of less than ten
dollars ($10.00), or is an unsolicited item of nominal intrinsic value.
Violations of these conflict of interest provisions will result in disciplinary
action up to and including termination for employees, and up to and including
public sanction of a violating Board member.
Avoidance of
Unnecessary/Duplicate Purchase
The District will
review proposed procurements to avoid purchases of unnecessary or duplicative
items. Consideration will be given to consolidating or breaking out
procurements to obtain a more economical purchase. Where appropriate, an
analysis will be made of lease versus purchase alternatives, and any other
appropriate analysis to determine the most economical approach. Where
appropriate to foster great economy and efficiency, the District will consider entering
into state and local intergovernmental agreements for procurement, or lease of
common goods and services. Moreover where appropriate, the District will
use Federal excess and surplus property in lieu of purchasing new equipment and
property.
The District will,
when appropriate, consider and utilize value engineering clauses in contracts
for construction projects for cost reductions. In making awards, the
District will select contractors to successfully perform under the terms of the
procurement. In analyzing the suitability of contractors, consideration
will be given to contractor integrity, compliance with public policy, past
performances, as well as, financial and technical services.
Recordkeeping
The District will
maintain records sufficient to detail the significant history of a
procurement. These records will include, but not be limited to, the
following:
Time and Material
Type Contracts
The District will
use time and material contracts only after a determination has been made that
no other contract is suitable and, if the contract includes a ceiling price,
which the contractor may exceed only at its own risk.
Contractor
Compliance Resolution
The District is
responsible for resolution and settlement of all contractual and administrative
issues arising out of Federal related procurements including, but not limited
to, source evaluation, protests, disputes and claims. Violations of law
will be referred to the local, state or federal authority having jurisdiction.
The District will
maintain procedures to handle and resolve procurement disputes, including
provisions to share information regarding the protest to the awarding agency.
Competition for
Contract Awards
The District will
conduct all procurement transactions in a manner providing full and open
competition. In doing so, the District will avoid:
The District will
avoid in such Federal procurements administratively imposed in – state or local
geographical preferences in the evaluation of bids or proposals, except where
federal law expressly mandates or encourages such preferences. However,
when contracting for architectural and engineering services, geographic
locations may be a selection criteria provided that the use of such criteria
leaves a sufficient number of qualified firms to compete for the contract.
Procedures for
Procurement Transactions
The District will
ensure a clear and accurate description of the technical requirements for the
material, product or service to be provided under federally related
procurements. The description may include a statement of the qualitative
nature of the material, product or service to be procured and when appropriate
will set forth those minimum essential characteristics and standards to which
it need conform in order to satisfy the intended use. Where appropriate,
a “brand name or equal” description may be used to define the performance or
other requirements of a procurement.
The District will
ensure that all prequalified lists of persons, firms, or products are current
and include enough qualified sources to ensure maximum open and free
competition. Potential bidders will not be precluded from qualifying
during the solicitations process.
Methods of
Procurement Affecting
Micro Purchases
Where small
purchases under Ten Thousand Dollars ($10,000.00) price quotations will be
obtained from an adequate number of qualified sources. Micro Purchases
will be distributed equally among qualified vendors.
Small Purchases
The District will
utilize the following procurement procedures for purchases of $250,000 or
less. The District where feasible will obtain at least three (3) bids or
quotes for each such purchase. The District will maintain documentation
for all “small purchases” including the small purchase item; identity of
quotes/bids; amount of such bid/quotes; and the date of purchase.
Sealed Bids
When procurement
is by sealed bid (formal advertising), bids are publically solicited and a
firm-fixed price contract is awarded, the award will be made to the responsible
bidder whose bid, conforming with all material terms and conditions of the
invitation to bid, is the lowest in price. The sealed bid procurement
method will be utilized for all purchases in excess of $250,000. The sealed bid
method is preferred for construction if the following conditions apply:
If sealed bids are
used, the following requirements apply:
Competitive
Proposal
The District will
utilize a competitive proposal method when conditions are not appropriate for
the use of sealed bids. This method will be utilized where either a
firm-fixed price is capped or cost reimbursement contract is available.
When this method is used, the following requirements will apply:
Noncompetitive
Sole Source
Where appropriate,
procurement may be made by a proposal from any one source or after
solicitation, competition is deemed inadequate. This method will be used
when small purchase procedures, sealed bid, or competitive proposals are not
feasible and one of the following applies:
Contract Cost and
Price
The District will
perform a cost or price analysis in connection with every procurement
action. At a minimum, the District will make independent estimates before
receiving bids or proposals. A cost analysis will be required when
adequate price competition is lacking and for sole source procurements, unless
price reasonableness can be established on the basis of catalog or mailed
price. The District will negotiate profit as a separate element of the
process for each contract.
Contracting with
Small and Minority Firms, Women’s Business Enterprise and Labor Surplus Area
Firms
The District will
take all necessary steps to assure participation of such firms.
Affirmative steps will include:
Costs or prices on
estimated costs will be allowable only to the extent that costs incurred or
cost estimates are consistent with Federal cost principals. The District
will not use a cost plus a percentage of cost and a percentage of construction
cost method.
Agency Review
The District will
make available, upon request of the Federal agency, all documents, including
but not limited to, procurement specifications; invitations to bid; procurement
procedures; pre-award documents.
Biding
Requirements
The District will
require bonding for all construction or facility improvements ensuring that the
awarding Federal agency’s interests are adequately protected as provided in
federal regulations.
Contract
Provisions
The District’s
contracts under the Regulation will include:
Background Checks
All District
vendors shall conduct criminal record and sexual offender background checks on
each of its employees who, under a procurement contract, may provide services
on District property or at District events.Copies of such record requests will
be provided to the District upon request.
Faith Based
Organizations
Faith based
organizations are eligible to contract with those Districts on federally
related contracts on the same basis as any other private organization. In
such contracting, the District will not discriminate for or against an
organization based on the organization’s religious character or affiliation.
However, private organizations that engage in inherently religious activities,
such as religious workshops, instruction or proselytization must offer these
services separately in a time or location separate from any programs or
services supported by a federally related District contract.
A faith based organization that contracts with the District on a federally related contract may retain its independence, autonomy, right of expression, religious character and authority over its governance.
Feb. 2019
FINANCIAL
OPERATION Regulation 3166
Financial
Management
Federal Awards –
Allowable Costs
Allowable,
Reasonable, Allocable Cost Principles
Allowable
To
be allowable under a Federal award, costs will meet the following criteria:
1.
Be
necessary and reasonable for the performance of the Federal Award and be
allocable to the Award.
2.
Conform
to limitations or exclusions in these principles or in the Federal award as to
types or amounts of cost items.
3.
Be
consistent with policies and procedures that apply uniformly to both federally–financed
and other District activities that are non-Federal.
4.
Be
given consistent treatment. A cost may
not be assigned as a direct cost if any other cost for a like purpose is
assigned as an indirect cost.
5.
Be
in accordance with generally accepted accounting principles.
6.
Not
be included as a cost or used to meet cost sharing or matching request of any
other federally financed project in either the current or a prior project.
7.
Be
adequately documented.
8.
Be
net of all applicable credits.
Reasonable
A
cost is reasonable if, in its nature and amount, it does not exceed that which
would be incurred by a reasonable person under the prevailing
circumstances. In determining
reasonableness of a specific cost, consideration must be given to:
1.
Whether
the cost is generally recognized as ordinary and necessary for the operations
of the District, or the proper and efficient performance of the Federal award.
2.
The
restraints or requirements imposed by sound business practice, and terms of the
Federal grant.
3.
Market
prices for comparable goods or services for the District’s geographic area.
4.
Whether
District individuals involved in the Federal grant acted with prudence.
5.
Whether
the District has significantly deviated from its established practices and
policies regarding the incurrence of costs.
Allocable
A
cost is allocable to a particular Federal award if the goods or services
involved are chargeable or assignable to the Federal award in accordance with
the benefits received. This standard is
met if the cost:
1.
Is
incurred specifically for the Federal award.
2.
Benefits
both the Federal award and other work of the District and can be allocated on
proportions using reasonable methods.
3.
Is
necessary to the overall operation of the District and is assignable in part to
the Federal award.
Allowability
Procedures
At
the time of budgeting for a Federal award, all costs, direct and indirect, will
be reviewed by the District’s Federal Grant administrator to assure compliance
with Federal allowability principles.
1.
All
purchase orders/invoices will be screened by the District’s finance officer to
ensure consistency of the budgeted items with Federal allowability principles.
2.
An
annual risk assessment will be conducted consistent with 2 CFR Part 200.331(b).
3.
The
District’s outside auditor will review compliance with Federal allowability
standards as part of the annual audit.
Documentation of
Personnel Costs
Semi-Annual
Certification – Where employees are expected to work solely on a single Federal
award or cost objection, charges for their salaries and wages will be supported
by periodic certifications that the employees worked solely on that program for
the certification period.
Monthly Personnel
Reports
Where
District employees work on multiple activities or cost objectives, a
distribution of their salary and wages will be supported by personnel activity
reports. Similar procedure will be used
for District employees working on cost sharing or matching activities.
If
the District elects to work under a substitute system for time and effort, the
District will seek approval by DESE.
Stipends and Extra
Duty Pay
Where
the District pays for extra work beyond an employee’s regular contract, the
District will have developed written documentation that demonstrates the extra
work to be performed; the dates of performance; and the amount or rate to be
paid to such employee. A contract will
also be signed by the District and the employee to show acceptance of the
terms. In addition, the employee must complete time and effort documentation
that supports the extra work beyond the employee’s regular contract. This documentation may be a semi-annual time
certification or monthly personnel activity report.
FINANCIAL OPERATION Regulation
3230
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 (2) 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 ten
percent (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.
The above provisions do not apply to qualifying
districts when the state distributes ninety-six percent (96%) or less for the
formula than it did in fiscal year 2002. A qualifying district:
1. Must have had on
June 30th of the preceding fiscal year a combined incidental and teacher fund balance which was seventeen
percent (17%) or less of the combined incidental and teacher fund expenditures
for that fiscal year.
Or 2. Must
have had one person or a corporation with ten percent (10%) or more of the
District’s assessed valuation be delinquent in a property tax payment.
year 2002 formula distribution. Oct. 03
FINANCIAL
OPERATION Regulation
3320
Tax Rate Hearing
The
Board of Education will annually conduct tax rate hearing(s) prior to September
1. The purpose of the tax rate hearing
process is to provide administrative recommendations, obtain community input
and adoption of a tax rate. Notice of
all tax rate hearings will be provided by posting in at least three District
sites or publication in a local newspaper at least seven (7) days prior to the
hearing. Written notice will include the
District’s assessed valuation, proposed tax rate, date, time and place of
hearing and will advise where copies of the proposed tax rate may be obtained.
FINANCIAL OPERATION Regulation
3330
Revenue
Bonded Indebtedness
The Missouri state law guidelines shall serve to direct the Board’s
bonds issue. Guidelines currently
include the following provisions:
1.
A two-thirds vote is required to approve the issuance of
bonds if the issue is not submitted at a general, primary or municipal
election.
2.
A four-sevenths vote is required before bonds may be
issued if the proposal is submitted at a general, primary or municipal
election.
3.
Revenues from taxes levied for the purpose of satisfying
bonded indebtedness, including principal and interest, will be recorded in the
debt service fund.
4.
Twenty years is the maximum number of years for which bonded
indebtedness may be obligated.
5.
Bonds shall be issued in denominations of one thousand
dollars or multiples thereof.
6.
The limit for District bonded indebtedness is 15% of the
value of taxable tangible property as documented by the last completed assessment
for state and county purposes.
FINANCIAL OPERATION Regulation
3380
Revenue
Sale/Lease of Real
Property
If
the Board of Education affirmatively votes to sell or lease unneeded real
property, the sale will be conducted as follows:
At
its option, the Board may list the property with one or more real estate
brokers licensed by the State of Missouri.
In such cases, the Board is authorized to pay a commission upon
successful completion of such sale or lease.
If
the Board chooses not to list the unneeded real property with a real estate
broker, the notice of the sale or lease will be published in a newspaper of
general circulation in the community in which the District is located in whole
or in part. Notice of the sale or lease
will be published at least once a week for two consecutive weeks with the last
publication to be at least seven (7) days prior to the sale or lease. Property will then be sold/leased to the
highest bidder.
The
Board may also elect to sell or lease such real property to a city, state
agency, municipal corporation, or other governmental subdivision located within
the District for public use or purpose.
In such case, the notice will be given by publication in a newspaper of
general circulation as set out in the preceding section. The price for sale or lease of the property
will be as agreed upon by the District and the governmental entity.
Disposal of
Previously Donated Property
If
after ten years following the donation of real property, the District may sell
the donated property after first offering to return the property to the
previous owner. If the previous owner declines, the District may sell the
property as surplus.
August
2010
Upon
approval of the Superintendent, employees may be authorized to attend conferences,
meetings, conventions, etc. When full
expenses are allowed, they shall be deemed to include registration,
transportation fees, lodging and meals.
Each
employee allowed travel expenses shall file with the Superintendent/designee an
itemized account of expenses; he/she may request an advance of estimated
expenses subject to adjustment upon filing of the itemized account. Each employee shall submit to the
Superintendent/designee such other reports as may be required.
The
Superintendent may authorize attendance at professional meetings by staff
members, Board members and others working on District matters, and may approve
reasonable expenditures that include an amount set annually by the Board for
lodging, travel expenses and applicable registration fees.
The
Superintendent shall notify the Board of the date and purpose of the event for
which such approval is granted, name(s) of person(s) attending, and cost to the
District.
The
Superintendent shall have the power to excuse any employee from duty for the
above purposes for a period not to exceed one (1) day without allowance for
expenses
1.
Mileage reimbursement is not authorized
between home and office/base school.
2.
Employees who travel directly from home to
other than office/base school on official business are entitled to a mileage
allowance of the distance in excess of that from home to office/base
school. The same policy is applicable to
return trips. In this case a
reimbursement request must show that all mileage excludes round trip mileage
from home to office/base school.
3.
Employees who travel from school to school
on official duty are authorized mileage from the first to the last school
visited subject to the restrictions outlined in the paragraph above.
4.
When transportation is performed by
privately owned vehicle, mileage is authorized at an annually determined rate,
subject to provisions of the following paragraph.
5.
When private transportation can be pooled,
the driver of the vehicle is authorized reimbursement at the annually
determined rate. When transportation
pooling is not desired by the individuals concerned, each traveler will be
limited to an equal share of the annually determined rate per mile.
6.
In performing necessary local travel,
personnel will use the most direct well-traveled route between any two
points. Claims for mileage reimbursement
will be for actual miles driven based on odometer readings.
Federal
Award Programs
If lodging and subsistence costs are
charged directly to the Federal award, documentation must justify that:
Such documentation may include any or all
of the following:
Grant funds will not be used for temporary
dependent care costs unless specifically permitted by the awards’ authorizing
statute, regulation or department.
FINANCIAL OPERATION Regulation
3450
Accounting and
Reporting
Sales Tax
Suppliers or retailers selling rings, pictures, sweaters, jackets,
school annuals, musical instruments, shoes and similar items, or renting of
gowns, caps and other items which are for personal, individual benefit and use
of a student, should include and collect the sales or use tax on such sales or
rentals.
Purchase orders will designate if purchases are for school purposes and
not for students’ individual and personal ownership. If the purchases are for
the school’s purposes as part of its regular educational activities, no tax
should be collected by the sellers.
(Examples of nontaxable purchases: books, desks, school supplies and
equipment; diplomas, medals, awards or cups; athletic, musical or other
equipment and supplies purchased for the athletic and other departments; and
items for the general use by or benefit of all students entered or engaged in
regularly sponsored school athletic or other educational programs, classes,
events or activities.)
Operators of vending machines or commissaries located in schools, but
not operated by the schools or any school group, are required to report the tax
on the gross receipts from these vending machines or commissaries operated by
them (retailers).
Tax will not be collected on admissions charged to school plays or
entertainment sponsored as a part of the regular school program, as such
activities are considered occasional in nature.
However, when entertainment or programs are put on by individuals,
entertainers or groups who make this a business and receive as compensation a
portion of the net receipts, then the sales tax must be collected on the
admission charge even though sponsored by the school, and the profits, if any,
are intended to be used for school purposes.
Jan. 03
FINANCIAL OPERATION Regulation
3480
Financial Management
Bond Proceeds
Reporting
In order to ensure
compliance with the Security Exchange Act of 1954, the District hereby adopts
the following policies and procedures:
Jan. 2015