Revenues of the school district are received by the board secretary-treasurer.  Other persons receiving revenues on behalf of the school district will promptly turn them over to the board secretary-treasurer.

Revenue, from whatever source, is accounted for and classified under the official accounting system of the school district.  It is the responsibility of the board secretary-treasurer to deposit the revenues received by the school district in a timely manner.  School district funds from all sources will not be used for private gain or political purposes.

Tuition fees received by the school district are deposited in the general fund.  The tuition fees for preschool through twelfth grade during the regular academic school year are set by the board based upon the superintendent's recommendation in compliance with current law.  Tuition fees for summer school, driver's education and adult education are set by the board prior to the offering of the programs.

The board may charge materials fees for the use or purchase of educational materials.  Materials fees received by the school district are deposited in the general fund.  It is the responsibility of the superintendent to recommend to the board when materials fees will be charged and the amount of the materials fees.

Rental fees received by the school district for the rental of school district equipment or facilities are deposited in the general fund.  It is the responsibility of the superintendent to recommend to the board a fee schedule for renting school district property.

Proceeds from the sale of real property are placed in the PPEL fund.  The proceeds from the sale of other school district property are placed in the general fund.

The board may claim exemption from the law prohibiting competition with private enterprise for the following activities:

        ·        Goods and services directly and reasonably related to the educational mission;

        ·        Goods and services offered only to students, employees or guests which cannot be provided by private enterprise at the same or lower cost;

        ·        Use of vehicles for charter trips offered to the public, full- or part-time, or temporary students;

        ·        Goods and services which are not otherwise available in the quantity or quality required by the school district;

        ·        Telecommunications other than radio or television stations;

        ·        Sponsoring or providing facilities for fitness and recreation;

        ·        Food service and sales; and,

        ·        Sale of books, records, tapes, software, educational equipment, and supplies.

It is the responsibility of the superintendent to bring to the board's attention additional sources of revenue for the school district.

 

 

Legal Reference:  Iowa Code §§ 12C; 23A; 257.2; 279.8; 282.2, .6, .24; 291.12, .13; 297.9-.12, .22; 301.1 (2001).

Cross Reference:  701.1    Depository of Funds
                                        703       Budget
                                        803       Selling and Leasing
                                        905       Use of School District Facilities & Equipment

Approved 01-15-90                        
Reviewed 08-18-03; 12-15-08; 03-19-12; 07-13-16
Revised 09-17-03; 02-09-09; 04-16-12

 

The board may conduct an election for the authority to issue bonded indebtedness.  Revenues generated from an approved bond issue are used only for the purpose stated on the ballot.  Once the purpose on the ballot is completed, any balance remaining in a capital projects fund may be retained for future capital projects in accordance with the purpose stated on the ballot or any remaining balance may be transferred by board resolution to the debt service fund or the physical plant and equipment levy fund.  Voter approval is required to transfer monies to the general fund from the capital projects fund.

Revenues received from the issuing of bonded indebtedness are deposited into the capital projects fund.

 

 

Legal Reference:  Iowa Code §§ 74-76; 278.1; 298; 298A (2001).

Cross Reference:  701       Financial Accounting System
                                       704       Revenue

Approved 01-15-90                        
Reviewed 08-18-03; 12-15-08; 03-19-12; 07-13-16
Revised 09-17-03

 

School district funds in excess of current needs are invested in compliance with this policy.  The goals of the school district's investment portfolio in order of priority are:

        ·        To provide safety of the principal;

        ·        To maintain the necessary liquidity to match expected liabilities; and

        ·        To obtain a reasonable rate of return.

In making investments, the school district will exercise the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use to meet the goals of the investment program.

School district funds are monies of the school district, including operating funds.  "Operating funds" of the school district are funds which are reasonably expected to be used during a current budget year or within fifteen months of receipt.  When investing operating funds, the investments must mature within three hundred and ninety-seven days or less.  When investing funds other than operating funds, the investments must mature according to the need for the funds.

The board authorizes the secretary-treasurer to invest funds in excess of current needs in the following investments.

        ·        Interest bearing savings, money market, and checking accounts at the school district's authorized depositories;

        ·        Iowa Schools Joint Investment Trust Program (ISJIT); and,

        ·        Certificates of deposit and other evidences of deposit at federally insured Iowa depository institutions.

It is the responsibility of the secretary-treasurer to oversee the investment portfolio in compliance with this policy and the law.

The secretary-treasurer is responsible for reporting to and reviewing with the board at its regular meetings the investment portfolio's performance, transaction activity and current investments. 

It is the responsibility of the superintendent to deliver a copy of this policy to the school district's depositories, auditor and outside persons doing investment business with the school district.

It will also be the responsibility of the superintendent, in conjunction with the secretary-treasurer, to develop a system of investment practices and internal controls over the investment practices.  The investment practices are designed to prevent losses, to document the officers' and employees' responsibility for elements of the investment process and address the capability of the management.

 

 

Legal Reference:  Iowa Code §§ 11.2, .6; 12.62; 12B.10; 12C; 22.1, .14; 28E.2; 257; 279.29; 283A; 285; 502.701; 633.123 (2001).

Cross Reference:  206.3    Secretary-Treasurer
                                        704       Revenue

Approved 01-15-90                        
Reviewed 08-17-92; 08-18-03; 12-15-08; 03-19-12; 07-13-16
Revised 09-21-92; 09-17-03

 

The board believes gifts, grants, and bequests to the school district may be accepted when they will further the interests of the school district.  The board will have sole authority to determine whether the gift furthers the interests of the school district.

Gifts, grants, and bequests are approved by the board.  Once it has been approved by the board, a board member or the superintendent may accept the gift on behalf of the school district.

Gifts, grants, and bequests once accepted on behalf of the school district become the property of the school district.  Gifts, grants, and bequests are administered in accordance with terms, if any, agreed to by the board.

 

 

Legal Reference:  Iowa Code §§ 279.42; 565.6 (2001).

Cross Reference:  221       Gifts to Board of Directors
                                       402.4    Gifts to Employees
                                       508.1    Class or Student Group Gifts

Approved 01-15-90                        
Reviewed 08-18-03; 12-15-08; 03-19-12; 07-13-16
Revised 09-17-03

 

Revenue raised by students or from student activities is deposited and accounted for in the student activities fund.  This revenue is the property of and is under the financial control of the board.  Students may use this revenue for purposes approved by the superintendent.

Whether such revenue is collected from student contributions, club dues, and special activities or result from admissions to special events or from other fund-raising activities, all funds will be under the jurisdiction of the board and under the specific control of the superintendent.  They will be deposited in a designated depository and will be disbursed and accounted for in accordance with instructions issued by the superintendent.

It is the responsibility of the board secretary-treasurer to keep student activity accounts up-to-date and complete.

Any unencumbered class or activity account balances will automatically revert to the activity fund when a class graduates or an activity is discontinued.

 

 

Legal Reference:  Iowa Code §§ 11.23; 279.8 (2001).

Cross Reference:  504       Student Activities
                                       701       Financial Accounting System

Approved 01-15-90                        
Reviewed 08-18-03; 12-15-08; 03-19-12; 07-13-16
Revised 09-17-03