707 - Fiscal Reports
707 - Fiscal Reports dawn.gibson.cm… Fri, 02/19/2021 - 08:20707.1 - Secretary's Reports
707.1 - Secretary's ReportsThe secretary/treasurer shall report to the board each month about the receipts, disbursements and balances of the various funds. This report shall be in written form and sent to the board with the agenda for the board meeting.
Legal Reference: Iowa Code §§ 279.8; 291.7 (2003).
Cross Reference: 206.3 Secretary-Treasurer
211.1 Annual Meeting
707 Fiscal Reports
Approved 11/1/2004 Reviewed 11/16/2009 Revised
12/15/2014
01/20/2020
707.2 - Secretary/Treasurer's Annual Report
707.2 - Secretary/Treasurer's Annual ReportUpon certification of the Certified Annual Report (CAR), the secretary/treasurer shall give the annual report stating the amount held over, received, paid out, and on hand in the general and all other funds. This report will be in written form and sent to the board with the agenda for the board meeting. The secretary/treasurer will also furnish the board with a statement from each depository showing the balance then on deposit.
It will be the responsibility of the secretary/treasurer to submit this report to the board annually.
Legal Reference: Iowa Code §§ 279.31, .33.
Cross Reference: 206.3 Secretary-Treasurer
211.1 Annual Meeting
707 Fiscal Reports
Approved 11/1/2004 Reviewed 12/15/2014 Revised 11/16/2009
01/20/2020 10/18/2021 10/18/2021
707.3 - Publication of Financial Reports
707.3 - Publication of Financial ReportsEach month the schedule of bills allowed by the board shall be published in a newspaper designated as a newspaper for official publication. Annually, the total salaries paid to employees regularly employed by the school district shall also be published in a newspaper designated as a newspaper for official publication.
It shall be the responsibility of the secretary/treasurer to publish these reports in a timely manner.
Legal Reference: Iowa Code §§ 279.35, .36; 618 (2003).
1952 Op. Att'y Gen. 133.
Cross Reference: 206.3 Secretary-Treasurer
Approved 11/1/2004 Reviewed 11/16/2009 Revised
12/15/2014
01/20/2020
707.4 - Audit
707.4 - AuditIn accordance with state law, to review the funds and accounts of the school district, the board will employ an independent auditor to perform an annual audit of the financial affairs of the school district. The superintendent will use a request for proposal procedure in selecting an auditor. The administration will cooperate with the auditors. Annual audit reports will remain on file as permanent records of the school district.
Legal Reference: Iowa Code § 11.6.
Cross Reference: 701 Financial Accounting System
707 Fiscal Reports
Approved 11/1/2004 Reviewed 11/16/2009 Revised 10/18/2021
12/15/2014
01/20/2020
10/18/2021
707.5 - Internal Controls
707.5 - Internal Controls
The Board expects all board members, employees, volunteers, consultants, vendors, contractors, students and other parties maintaining any relationship with the school district to act with integrity, due diligence, and in accordance with all laws in their duties involving the school district’s resources. The board is entrusted with public dollars and no one connected with the school district should do anything to erode that trust.
Internal control is the responsibility of all employees of the school district. The superintendent, business manager and board secretary shall be responsible for developing internal controls designed to prevent and detect fraud, financial impropriety, or fiscal irregularities within the school district subject to review and approval by the board. Administrators shall be alert for any indication of fraud, financial impropriety, or irregularity within the administrator’s area of responsibility.
Any employee who suspects fraud, impropriety, or irregularity shall report their suspicions immediately to his/her immediate supervisor and the superintendent. The superintendent shall have primary responsibility for any necessary investigations and shall coordinate investigative efforts with the board’s legal counsel, auditing firm, and other internal or external departments and agencies, including law enforcement officials, as the superintendent may deem appropriate.
Employees bringing forth a legitimate concern about a potential impropriety will not be retaliated against and those who do retaliate against such an employee will be subject to disciplinary action up to, and including, discharge.
In the event the concern or complaint involves the superintendent, the concern shall be brought to the attention of the board president or vice-president who shall be empowered to contact the board’s legal counsel, Auditor of State’s office, insurance agent, auditing firm, and any other agency to investigate the concern or complaint.
Upon approval of the board, the superintendent may contact the State Auditor or elect to employ the school district’s auditing firm or State Auditor to conduct a complete or partial forensic/internal control/SAS99 audit annually or otherwise as often as deemed necessary. The superintendent is authorized to order a complete forensic audit if, in the superintendent’s judgment, such an audit would be useful and beneficial to the school district. The superintendent or board president shall ensure the Auditor of State’s office is notified as required by law of any suspected embezzlement, theft, or financial irregularity pursuant to Iowa law. In the event there is an investigation, records will be maintained for use in the investigation. Individuals found to have altered or destroyed records will be subject to disciplinary action, up to, and including termination.
Legal References: American Competitiveness and Corporate Accountability Act of 2002,
Pub. L. No. 107-204.
Cross References: 707.6 Audit Committee
Approved 8/21/2006 Revised 11/16/2009 Reviewed 10/18/2021
12/15/2014
01/20/2020
10/18/2021
707.5 R1 - Internal Controls Procedures
707.5 R1 - Internal Controls ProceduresFraud, financial improprieties, or irregularities include, but are not limited to:
- Forgery or unauthorized alteration of any document or account belonging to the district.
- Forgery or unauthorized alteration of a check, bank draft, or any other financial document.
- Misappropriation of funds, securities, supplies, or other assets.
- Impropriety in the handling of money or reporting of financial transactions.
- Profiteering because of “insider” information of district information or activities.
- Disclosing confidential and/or proprietary information to outside parties.
- Accepting or seeking anything of material value, other than items used in the normal course of advertising, from contractors, vendors, or persons providing services to the district.
- Destroying, removing, or inappropriately using district records, furniture, fixtures, or equipment.
- Failing to provide financial records to authorized state or local entities.
- Failure to cooperate fully with any financial auditors, investigators or law enforcement.
- Any other dishonest or fraudulent act involving district monies or resources.
The superintendent will notify the State Auditor’s office of any suspected fraud, embezzlement or financial irregularities as required by law. The district will comply with all investigation procedures and scope as directed by the State Auditor’s office. All employees involved in the investigation shall be advised to keep information about the investigation confidential. The superintendent may engage qualified independent auditors to assist in the investigation.
If an investigation substantiates the occurrence of a fraudulent activity, the superintendent, the board president, or board vice-president if the investigation centers on the superintendent, shall issue a report to the board and appropriate personnel. The results of the investigation shall not be disclosed to or discussed with anyone other than those individuals with a legitimate right to know until the results are made public.