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

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.  Educational 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 educational 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;
• Sale of books, records, tapes, software, educational equipment, and supplies;
• Items displaying the emblem, mascot, or logo of the district or that otherwise promote the identity of        the district and its programs if sold on district property;
• Souvenirs and programs relating to events sponsored by or at the district if sold on district property;       and
• Good, products or professional services which are produced, created, or sold incidental to the district’s teaching, research, and extension missions.

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:  11/01/2004

Reviewed:  

Revised:  10/26/2009, 12/15/2014, 01/20/2020, 10/18/2021, 06/17/2024

 

 

 

 

 

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:  11/01/2024

Reviewed:  10/26/2009, 11/17/2014, 01/20/2020, 11/18/2024

Revised:  

 

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 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);
• Certificates of deposit and other evidences of deposit at federally insured Iowa depository institutions;

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

The 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 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, .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:  11/01/2024

Reviewed:  10/26/2009, 11/17/2014

Revised:  04/15/2019, 11/18/2024

 

 

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:  11/01/2024

Reviewed:  10/26/2009, 01/20/2020, 11/18/2024

Revised:  11/17/2014

 

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.

 

 

Legal Reference:          Iowa Code § 279.8

 

Cross Reference:          504      Student Activities

                                    701      Financial Accounting System

 

Approved:  11/01/2004

Reviewed:  11/17/2014, 01/20/2020

Revised:  10/26/2009, 10/18/2021, 11/18/2024