Student funds may be raised to finance the activities of authorized student organizations. Student activity funds are considered a part of the total fiscal operation of the district and are subject to policies established by the Committee and the Superintendent. The funds will benefit students only and will be managed in accordance with sound business practices, including accepted budgetary, accounting, and internal control practices. The Superintendent will ensure that all principals and student organizations receive a copy of this policy, as well as a copy of established procedures for control of receipts and expenditures that meet or exceed DESE guidelines, on an annual basis.
In compliance with state laws and regulations, the Committee:
- Authorizes staff members authorized by the Superintendent to accept money for recognized student activity organizations that currently exist, or from time to time may be revised. All funds received for student activities must be deposited in a Student Activity Account and no funds will be directly deposited to a Student Activity Checking Account except from the Student Activity Agency Account.
- Authorizes the City Treasurer to establish and maintain a Student Activity Agency Account(s) that is to be audited as part of the City’s annual audit. The interest that is earned on such accounts will be maintained in the Agency Account and distributed annually among the Student Activity Accounts as directed by regulations established by the Superintendent.
- Authorizes Student Activity Checking Accounts for use by staff members authorized by the Superintendent with specific maximum balances established annually for each school by vote of the Committee. Payments for expenditures will be made, whenever possible, by check, debit, or EFT directly from the Student Activity Checking Account. Reimbursements to personal credit card holders will require the prior authorization of the Superintendent or designee. Signatory authorization for Student Activity Checking Accounts will be restricted to staff members authorized by the Superintendent. Student Activity Checking Accounts will be audited annually in accordance with DESE guidelines, and will be conducted by a district or City employee but not by the principal, Treasurer, Superintendent, or any authorized signatory on the accounts.
- Directs staff members authorized by the Superintendent to be bonded (individually or covered by a blanket bond) and/or qualify for the City’s blanket insurance policy coverage.
- Will vote to establish or change the maximum balance that may be on deposit in each Student Activity Checking Account.
For accounts with maximum limits that exceed $25,000, in accordance with Massachusetts Department of Elementary and Secondary Education (DESE) guidelines, an audit will be conducted by an outside accounting firm every three years.
Graduating Class Funds
Funds held on behalf of graduating classes are to be held within the Student Activity Checking Account for the High School and will be identified by the class’ year of graduation (e.g. Class of 1998).
Once a class has graduated from the High School, their funds will be removed from the High School Student Activity Checking Account no later than two years from the date of graduation. It is the responsibility of class officers to arrange for these funds to be removed from the High School Activity Checking Account. When requested, and once all outstanding financial obligations of the graduating class have been met, the remaining balance must be removed from the fund by check transfer payable to the Class of XXXX. Checks payable to individual members of the graduating class are not permitted.
Should the class officers not request that their funds be removed from the Student Activity Checking Account within two years of their graduation, the funds will be forfeited by the class and transferred into the General Sub-fund portion of the Student Activity Agency Account. These funds will then be allocated by a vote of the Committee.
Class officers will be given a copy of this policy during the course of their senior year to ensure the knowledge of their obligations under this policy.
Informational review: 11/10/15
MSC first vote: 11/24/15
MSC second vote: 12/8/15