BUSINESS AND OPERATIONS: [SAMPLE
POLICY]
School funds are public funds. Consequently, all expenditures of school
funds, including cash expenditures, shall be documented and accounted for by
daily receipts.
As a general rule, cash will not be used to make
purchases except from petty cash, as described below. School checks shall not be made payable to “cash.”
1.
Accounting for
Cash Transactions
A.
All cash transactions shall be recorded in writing,
such as by handwritten receipt, which shall be signed and dated by the
individual who receives the cash. Staff
members who receive or collect money from parents or teachers shall document
from whom the money was received and in what amount. Such money shall be submitted to the campus
principal on the same school day as it is received for deposit.
B.
The School
Director shall designate an individual who will be responsible for depositing
cash received in the school depository. Deposits
shall be made whenever cash receipts total $50, or, at a minimum, weekly. A copy of the validated deposit slip shall be
returned to the school on the same or next day the deposit is made.
C.
Checks received
shall be endorsed “for deposit only” and shall be deposited when the total
amount is $100 or more or at least weekly, whichever is more frequent.
2.
Petty Cash
A.
Petty cash shall
be maintained in a locked box in the campus principal’s office in an amount not
to exceed $100. All disbursements from
petty cash shall be documented in writing, indicating the date, amount
disbursed, the identity of the individual receiving the funds, and the reason
for the disbursement. Receipts from
purchases made with petty cash shall be remitted to the principal as soon as
practicable.
B.
Petty cash funds
shall not be used to cash checks.