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

Revenue, from whatever source, will be accounted for and classified under the official accounting system of the school district.  It will be the responsibility of the board 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 will be deposited in the general fund.  The tuition fees for preschool through twelfth grade during the regular academic school year will be 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 will be 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 shall be deposited in the general fund.  It will be 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 will be deposited in the general fund.  It will be 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 will be placed in the Physical Plant and Equipment Levy (PPEL) fund.  However, following a properly noticed public hearing, the board of directors may elect to deposit proceeds from the sale of real property or buildings into any fund under the control of the school corporation.  Notice for the public hearing must be published in a newspaper of general circulation within the district not less than ten and no more than twenty days prior to the proposed public hearing.  Notice of the public hearing must include the date, time and location of the public hearing, and a description of the proposed action.  The proceeds from the sale of other school district property are placed in the fund that was used to purchase the property.  If it is unknown what fund paid for the item, the proceeds will be deposited into 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 will be 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; 24.9; 257.2; 279.8, .41; 282.2, .6, .24; 291.12, .13;

                                    297.9-.12, .22; 301.1.

 

Cross Reference:          701.2   Depository of Funds

                                    701.3   Classification of Accounts

                                    703      Budget

                                    803      Selling and Leasing

                                    906      Use of School District Facilities & Equipment

 

 

Approved 11/1/2004                             Reviewed 01/20/2020                           Revised 10/26/2009

                                                                             10/18/2021                                         12/15/2014

                                                                                                                                     01/20/2020

                                                                                                                                     10/18/2021

 

 

The board may conduct an election for the authority to issue bonded indebtedness.  Revenues generated from an approved bond issue shall be 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 shall be deposited into the capital projects fund.

 

 

Legal Reference:  Iowa Code §§ 74-76; 278.1; 298; 298A (2003).

Cross Reference:  701      Financial Accounting System
                                      704      Revenue

Approved 11/1/2004                             Reviewed 10/26/2009                           Revised __________
                                                                                            11/17/2014
                                                                                            01/20/2020                          

 

School district funds in excess of current needs shall be 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 shall 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.  If, during the current budget year an amount of public funds will exceed operating funds by at least thirty-three percent, the amount of public funds that exceed operating funds by greater than thirty-three percent may be invested in certificates of deposit at federally insured depository institutions which mature within sixty-three months or less, in accordance with state and federal laws.  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);
• Obligations of the United States government, its agencies and instrumentalities;
• Certificates of deposit and other evidences of deposit at federally insured Iowa depository institutions;

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

It shall be the responsibility of the secretary-treasurer to bring a contract with an outside person to invest school district funds, to advise on investments, to direct investments, to act in a fiduciary capacity or to perform other services to the board for review and approval.  The secretary-treasurer shall also provide the board with information about and verification of the outside person's fiduciary bond.  Contracts with outside persons shall include a clause requiring the outside person to notify the school district within thirty days of any material weakness in internal structure or regulatory orders or sanctions against the outside person regarding the services being provided to the school district and to provide the documents necessary for the performance of the investment portion of school district audit.  Contracts with outside persons shall not be based on the performance of the investment portfolio.

The secretary-treasurer shall be responsible for reporting to and reviewing with the board at its regular meetings the investment portfolio's performance, transaction activity and current investments including the percent of the investment portfolio by type of investment and by issuer and maturities.  The report shall also include trend lines by month over the last year and year-to-year trend lines regarding the performance of the investment portfolio.  It shall also be the responsibility of the secretary-treasurer to obtain the information necessary to ensure that the investments and the outside persons doing business with the school district meet the requirements outlined in this policy.

It shall be 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 shall 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 shall be 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, .10A; 12C; 22.1, .14; 28E.2; 257; 279.29; 283A; 285; 502.701; 633.123.

Cross Reference:  206.3   Secretary-Treasurer
                                       704      Revenue

Approved 11/1/2004                             Reviewed 10/26/2009                           Revised 04/15/2019
                                                                                           11/17/2014
                                                                                           04/15/2019

 

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 shall have sole authority to determine whether the gift furthers the interests of the school district.

Gifts, grants, and bequests other than unconditional gifts of cash shall be 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 shall become the property of the school district.  Gifts, grants, and bequests shall be administered in accordance with terms, if any, agreed to by the board.

 

 

Legal Reference:  Iowa Code §§ 279.42; 565.6 (2003).

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

Approved 11/1/2004                             Reviewed 10/26/2009                           Revised 11/17/2014
                                                                                            01/20/2020                                      

 

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

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

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

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

 

Legal Reference:          Iowa Code § 279.8

 

Cross Reference:          504      Student Activities

                                    701      Financial Accounting System

 

 

 

 

Approved 11/1/2004                             Reviewed 11/17/2014                           Revised 10/26/2009

                                                                             01/20/2020                                         10/18/2021

                                                                            10/18/2021   

1.  Compliance Coordinator:

a)  The Treasurer ("Coordinator") shall be responsible for monitoring post-issuance compliance.

b)  The Coordinator will maintain a copy of the transcript of proceedings in connection with the issuance of any tax-exempt obligations.  Coordinator will obtain such records as are necessary to meet the requirements of this policy.

c)  The Coordinator shall consult with bond counsel, IRS publications and such other resources as are necessary to understand and meet the requirements of this policy.

d)  Training and education of Coordinator will be sought and implemented upon the occurrence of new developments and upon the hiring of new personnel to implement this policy.

2.  Financing Transcripts.  The Coordinator shall confirm the proper filing of an 8038 Series return, and maintain a transcript of proceedings for all tax-exempt
     obligations issued by the School District, including but not limited to all tax-exempt bonds, notes and lease-purchase contracts.  Each transcript shall be maintained
     until eleven (11) years after the tax-exempt obligation it documents has been retired.

3.  Proper Use of Proceeds.  The Coordinator shall review the resolution authorizing issuance for each tax-exempt obligation issued by the School District, and shall:

a)  obtain a computation of the yield on such issue from the School District’s financial advisor; 

b)  create a separate Project Fund (with as many sub-funds as shall be necessary to allocate proceeds among the projects being funded by the issue) into which the proceeds of issue shall be deposited;

c)  review all requisitions, draw schedules, draw requests, invoices and bills requesting payment from the Project Fund;

d)  determine whether payment from the Project Fund is appropriate, and if so, make payment from the Project Fund (and appropriate sub-fund if applicable);

e)  maintain records of the payment requests and corresponding cancelled checks showing payment;

f)  maintain records showing the earnings on, and investment of, the Project Fund;

g)  ensure that investments acquired with proceeds are purchased at fair market value;

h)  identify bond proceeds or applicable debt service allocations that must be invested with a yield restriction and monitor the investments of any yield-restricted funds to ensure that the yield on such investments does not exceed the yield to which such investments are restricted.

4.  Timely Expenditure and Arbitrage/Rebate Compliance.  The Coordinator shall review the Tax-Exemption Certificate (or equivalent) for each tax-exempt obligation
       issued by the School District and the expenditure records provided in Section 2 of this policy, above, and shall:

a)  monitor and ensure that proceeds of each such issue are spent within the temporary period set forth in such certificate;

b)  if the School District does not meet the "small issuer" exception for said obligation, monitor and ensure that the proceeds are spent in accordance with one or more of the applicable exceptions to rebate as set forth in such certificate;

c)  not less than 60 days prior to a required expenditure date confer with bond counsel if the School District will fail to meet the applicable temporary period or rebate exception expenditure requirements of the Tax-Exemption Certificate; and

d)  in the event the School District fails to meet a temporary period or rebate exception:

i.  procure a timely computation of any rebate liability and, if rebate is due, file a Form 8038-T and arrange for payment of such rebate liability;

ii.  arrange for timely computation and payment of "yield reduction payments" (as such term is defined in the Code and Treasury Regulations), if applicable.

5.  Proper Use of Bond Financed Assets.  The Coordinator shall: 

a)  maintain appropriate records and a list of all bond financed assets.  Such records shall include the actual amount of proceeds (including investment earnings) spent on each of the bond financed assets;

b)  with respect to each bond financed asset, the Coordinator will monitor and confer with bond counsel with respect to all proposed:

             i.  management contracts,

             ii.  service agreements,

            iii.  research contracts,

            iv.  naming rights contracts,

            v.  leases or sub-leases,

            vi.  joint venture, limited liability or partnership arrangements,

            vii.  sale of property; or

            viii.  any other change in use of such asset;

c)  maintain a copy of the proposed agreement, contract, lease or arrangement, together with the response by bond counsel with respect to the proposal for at least three (3) years after retirement of all tax-exempt obligations issued to fund all or any portion of bond financed assets; and

d)  In the event the School District takes an action with respect to a bond financed asset, which causes the private business tests or private loan financing test to be met, the Coordinator shall contact bond counsel and ensure timely remedial action under IRS Regulation Sections 1.141-12.

6.  General Project Records.  For each project financed with tax-exempt obligations, the Coordinator shall maintain, until three (3) years after retirement of the tax-
       exempt obligations or obligations issued to refund those obligations, the following:

            a)  appraisals, demand surveys or feasibility studies,

            b)  applications, approvals and other documentation of grants,

            c)  depreciation schedules,

            d)  contracts respecting the project.

7.  Continuing Disclosure.  The Coordinator shall assure compliance with each continuing disclosure certificate and annually, per continuing disclosure agreements,
      file audited annual financial statements and other information required by each continuing disclosure agreement.  The Coordinator will monitor material events as
     described in each continuing disclosure agreement and assure compliance with material event disclosure.   Events to be reported shall be reported promptly, but in
     no event not later than ten (10) Business Days after the day of the occurrence of the event, and shall include, but not be limited to:

            a)  Principal and interest payment delinquencies;

            b)  Non-payment related defaults, if material;

            c)  Unscheduled draws on debt service reserves reflecting financial difficulties;

            d)  Unscheduled draws on credit enhancements relating to the bonds reflecting financial difficulties;

            e)  Substitution of credit or liquidity providers, or their failure to perform;

            f)  Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax-exempt status of the bonds, or material events affecting the tax-exempt status of the bonds;

            g)  Modifications to rights of Holders of the Bonds, if material;          

            h)  Bond calls (excluding sinking fund mandatory redemptions), if material, and tender offers;

            i)  Defeasances of the bonds;

            j)  Release, substitution, or sale of property securing repayment of the bonds, if material;

            k)  Rating changes on the bonds;

            l)  Bankruptcy, insolvency, receivership or similar event of the Issuer;

            m)  The consummation of a merger, consolidation, or acquisition involving the Issuer or the sale of all or   substantially all of the assets of the Issuer, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and

            n)  Appointment of a successor or additional trustee or the change of name of a trustee, if material.

 

 

Approved 11/21/2011                           Reviewed 11/17/2014                           Revised                   
                                                                                            01/20/2020